Mar 29, 2019 - Business

Larry Kudlow wants the Fed to cut rates

Photo by Nicholas Kamm/AFP via Getty Images.

White House economic adviser Larry Kudlow on Friday told Axios that he wants the Federal Reserve to "immediately" cut interest rates by 50 basis points.

Why it matters: This mirrors comments by Stephen Moore, who President Trump is expected to nominate to the Fed's board, but is the first time it has been said publicly by a White House official.

The Federal Reserve recently paused plans to hike interest rates later this year, but didn't say it planned to make cuts.

Kudlow, however, "would love to see" such a downward move, adding that the central bank shouldn't have ever set overnight interest rates past 2%.

  • They currently are at 2.25%–2.50%, but a 50 basis point cut would put such rates below 2%.

What's next

Bolton alleges in book that Trump tied Ukraine aid to investigations

Photo: Alex Wong/Getty Images

President Trump's former national security adviser John Bolton alleges in his forthcoming book that the president explicitly told him "he wanted to continue freezing $391 million in security assistance to Ukraine until officials there helped with investigations into Democrats including the Bidens," the New York Times first reported.

Why this matters: The revelations present a dramatic 11th hour turn in Trump's Senate impeachment trial. They directly contradict Trump's claim that he never tied the hold-up of Ukrainian aid to his demands for investigations into his political opponent Joe Biden.

Honoring Kobe Bryant: Sports stars, politicians and celebrities mourn NBA great

Kobe Bryant on court for the Los Angeles Lakers during the Sprite Slam Dunk Contest on All-Star Saturday Night, part of 2010 NBA All-Star Weekend at American Airlines Center in Dallas in February 2010. Photo: Jed Jacobsohn/Getty Images

Sports stars, politicians and celebrities paid tribute to NBA legend Kobe Bryant, who was killed in a California helicopter crash alongside his 13-year-old daughter, Gianna, and seven others on Saturday. He was 41.

What they're saying: Lakers great Shaquille O'Neal said in an Instagram post of his former teammate, "There's no words to express the pain I'm going through now with this tragic and sad moment of losing my friend, my brother, my partner in winning championships, my dude and my homie. I love you brother and you will be missed."

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What's next: Trump's broader travel ban

A sign for International Arrivals is shown at the Seattle-Tacoma International Airport. Photo: Ted S. Warren/AP

President Trump is expected to announce an expanded travel ban this week, which would restrict immigration from seven additional countries — Nigeria, Myanmar, Sudan, Belarus, Eritrea, Kyrgyzstan and Tanzania, per multiple reports.

  • The announcement would come on the third anniversary of Trump's original travel ban, which targeted Muslim-majority nations, per Axios' Stef Kight.