Trump: Fed 'must cut rates bigger and faster'

US President Donald Trump on Wednesday continued to hammer the Federal Reserve, demanding more stimulus to boost the economy as the 2020 elections approach.

Even as stocks and bond yields worldwide fell amid concern about Trump's escalating trade war with Beijing, he accused the US central bank of being a bigger threat to the American economy than China.

"They must cut rates bigger and faster and stop their ridiculous quantitative tightening NOW," he said on Twitter, just a week after the US central bank cut the benchmark lending rate for the first time in more than a decade.

"Incompetence is a... terrible thing to watch, especially when things could be taken care of sooo easily," Trump said in his screed.

In a series of tweets, he noted that overnight three central banks -- those in India, Thailand and New Zealand -- had cut rates. Those countries are likely to feel the impact of a slowing Chinese economy and a decline in trade.

Federal Reserve Chair Jerome Powell cited the trade uncertainty as a factor in the decision to cut US lending rates after four increases last year, amid worries about a slowing global economy.

"Our problem is not China -- We are stronger than ever, money is pouring into the US ...," Trump said. "Our problem is a Federal Reserve that is too ... proud to admit their mistake of acting too fast and tightening too much (and that I was right!)."
"I think the market reaction is to be expected. I might have expected even more," Trump told reporters at the White House. At some point as I just said we have to take on China."