Trump urges Fed to cut rates due to tariffs

Former U.S. President Donald Trump has called for the Federal Reserve to lower interest rates. He said the economy is feeling the pressure from tariffs. His comments came as Asian markets showed varied movements in currency values. The Japanese yen rose today despite a market holiday. It strengthened against both the U.S. dollar and the euro. However, following Trump's statement, the yen lost some gains. The dollar fell just below 148.20 yen. In New Zealand, the economy is recovering. It showed a 0.7% growth in GDP for the last quarter of 2024, ending its recession from earlier that year. The New Zealand dollar saw a brief rise but later dropped, influenced by poor job numbers from Australia. Australia’s job market report revealed a loss of over 50,000 jobs in February. The unemployment rate remained stable at 4.1%. This data raises concerns about future rate cuts by the Reserve Bank of Australia, despite only one month's information being considered. The People's Bank of China kept its loan rates steady for the fifth month in a row. This decision comes amid expectations of future economic support, but the bank is cautious to maintain stability in the yuan while encouraging growth. Overall, markets are reacting to various global economic signals, including discussions about monetary policy and employment data.