National Economic Council Director Kevin Hassett on Thursday backed the Federal Reserve ’s decision to lower interest rates by a quarter percentage point, which fell far short of the steep cuts President Donald Trump requested.

The Federal Open Market Committee on Wednesday announced the bank would lower rates for the first time since Trump assumed office, albeit by a much slimmer margin than the president has called for. Since taking power in January, Trump has called on the central bank to lower rates by up to three percentage points, arguing that doing so would stimulate economic growth, including boosting the housing market .

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