The US Federal Reserve announced a rate cut of 0.25% on July 31. Although it was in line with market expectations, President Donald Trump was still dissatisfied with this, saying that Chairman Jerome Powell was as disappointing as ever. Influenced by the news that the Fed did not significantly cut interest rates, the three major US stock indexes closed with a downtrend.
The Dow closed at 26,864.27 points, down 333.75 points, or 1.23%. The S&P 500 index was 2,980.38 points, down 32.80 points, or 1.09%. The Nasdaq fell 98.19 points to 8175.42 points, a decrease of 1.19%.
Trump left a message on Twitter shortly after the Federal Reserve announced the results of the interest rate decision, saying that Powell was as disappointing as ever, but at least ended the quantitative austerity policy, saying that the policy should not appear at the beginning because there is no inflation. He also said that the United States has always been a winner, but certainly will not get too much help from the Fed.
Trump believes that everyone expects the Fed to embark on a long and aggressive cycle of interest rate cuts so that the United States can synchronize with China, the European Union and countries around the world.