Trump fails to see rate cut would hurt savers

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Donald Trump just doesn’t seem to understand interest rates.

The president went on several tweet rants recently, his latest attempt to bully the Federal Reserve into cutting interest rates more than they probably will this week.

“Because of the faulty thought process we have going for us at the Federal Reserve, we pay much higher interest rates than countries that are no match for us economically,” the president tweeted on July 19. “In other words, our interest costs are much higher than other countries, when they should be lower. Correct!”

He tweeted something similar yesterday, calling for a half-percentage point rate cut.

“We are competing with other countries that know how to play the game against the US,” he said. “That’s actually why the EU was formed … and for China, until now, the US has been ‘easy pickens.’ ”

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