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Speaking at a White House news conference early Monday, US President Trump applauded Federal Reserve (Fed) Chairman Powell’s decision to cut interest rates further, aiming to stimulate the US economic growth amid the coronavirus pandemic, per Reuters.

Trump said: Fed’s decision on Sunday to cut interest rates was “good news” and “makes me very happy”.

He congratulated the central bank for taking further action.

“It’s really good news. It’s great for the country,” Trump added.

The Fed cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%, and promised to expand its balance sheet by at least $700 billion in coming weeks.

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