President Trump on Monday ramped up his criticism of Federal Reserve Chairman Jerome Powell and the central bank’s interest rate hikes in an interview with Reuters.
Trump told Reuters that he was “not thrilled” with Powell, who he appointed to lead the Fed and that the bank should do “what’s good for the country” by holding off on rate hikes.
“I should be given some help by the Fed,” Trump told Reuters, adding that he’d continue to criticize the independent central bank if it move ahead with planned interest rate hikes.
Trump has broken from the majority of Republicans on monetary policy with his support for low interest rates to stimulate the economy. Most right-leaning economists and lawmakers say keeping rates low could risk rampant inflation and financial market bubbles.
The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the U.S. experiences record low unemployment and stable inflation.
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Trump ramps up attacks on Federal Reserve chairman: I was "not thrilled" he raised interest rates https://t.co/QNxdaL2aUU pic.twitter.com/F4p7sCs1mY
— The Hill (@thehill) August 20, 2018
This supposedly well educated Wharton School graduate — a “stable genius” (his words) — has absolutely no understanding of the economy. Interest rates are rising because of the supposedly good economy he says he brought about. If he is going to take credit for this allegedly robust economy, then he is also responsible for the increase in interest rates. Instead, he plays the old blame game. He just can’t face any negatives because he has to preserve his god-like image among his worshipers.
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