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Top White House economic advisor Larry Kudlow wants the Federal Reserve to “immediately” cut interest rates by 50 basis points.
The comments from President Donald Trump’s Director of the National Economic Council follow the central bank’s decision to hold off on raising rates last week, when it also suggested that a hike borrowing costs may not be needed for the rest of the year.
Though Fed Chairman Jerome Powell highlighted slowdowns in economic growth overseas, the Fed did not indicate at its March meeting that rate cuts would be necessary.
Kudlow is scheuduled to appear on CNBC’s “Power Lunch” at 2:30 p.m. ET.
This story is developing. Please check back for updates.