ANI
12 Sep 2019, 20:57 GMT+10
Washington [US], Sept 12 (ANI): Hours after European Central Bank (ECB) lowered rates on deposit facility by 10 basis points, US President Donald Trump on Thursday criticised the Federal Reserve for not acting quickly as ECB.
"European Central Bank, acting quickly, Cuts Rates 10 Basis Points. They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting US exports... And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!" he tweeted.
On Thursday, the European bank said that it would cut its interest rate for deposits by 10 basis points to minus 0.5 per cent, and keep them there or lower for the foreseeable future, CNN reported.
It also announced that it would start printing money again, promising to buy 20 billion Euros (USD 22 billion) in financial assets per month starting in November. The central bank said it would continue the purchases for "as long as necessary."The ECB had ended its recent assent-buying program in December and the interest rates in the eurozone were already at historic lows.
However, Germany, Europe's biggest economy, is on the brink of recession, and the US-China trade war is dragging on growth. In this wake, ECB President Mario Draghi had been indicating that the central bank would take decisive action, which was reflected in its latest move. (ANI)Get a daily dose of Austin Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Austin Globe.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
(Photo credit: Paul Witwer/Standard-Times / USA TODAY NETWORK via Imagn Images) The Houston Texans announced a $500,000 commitment...
Around two dozen girls remain missing after a deadly flash flood swept through a local Christian camp Deadly flash flooding in the...
(Photo credit: Ronald W. Erdrich/Reporter-News / USA TODAY NETWORK) Four-star wide receiver Kaydon Finley has committed to Notre...
(Photo credit: Geoff Burke-Imagn Images) Former NFL linebacker Bryan Braman is 'in the fight of his life,' battling a rare and aggressive...
(Photo credit: Isaiah J. Downing-Imagn Images) Colorado coach Deion Sanders, who has been suffering from an undisclosed medical condition,...