Sacramento – State Senator Brian Jones (R-Santee) today issued the following statement supporting President Trump’s call for the Federal Reserve to quickly lower interest rates:
The last two days of stock market activity have shown the volatile nature the Coronavirus can have on public health and also on the U.S. economy.
While other countries have quickly moved to lower interest rates, our U.S. Federal Reserve has continued to timidly drag its feet.
Federal Reserve Chairman Jerome Powell’s statement late Friday that the Reserve would “consider” the matter at its March 17-18 meeting is nice, but falls short of the action needed.
If the Reserve Board can’t or won’t cut rates before mid-March, then Chairman Powell ought to at least make a clear and convincing public statement that the board will indeed vote on a rate cut at its mid-March meeting. Such a statement, issued before the markets open tomorrow morning, would go long way in easing concerns.
Coronavirus, in addition to being a public health concern, is also an economic concern. Too many more days like Thursday and Friday and the life savings and retirement of many hard-working Americans could be wiped out.
President Trump is taking steps to protect the American public. The Federal Reserve should be too.