logo
Plus   Neg
Share
Email

Trump "Not Even A Little Bit Happy" With Nomination Of Fed Chairman Powell

jerome-powell-112818-lt.jpg

President Donald Trump stepped up his attacks on the Federal Reserve in an interview with the Washington Post, stating he is "not even a little bit happy" with his nomination of Jerome Powell to lead the central bank.

In the interview published late Tuesday, Trump suggested the Fed is responsible for recent stock market weakness and General Motors' (GM) announcement of plant closures and layoffs but later claimed he is "not blaming anybody."

"I'm doing deals, and I'm not being accommodated by the Fed," Trump said. "They're making a mistake because I have a gut, and my gut tells me more sometimes than anybody else's brain can ever tell me."

"So far, I'm not even a little bit happy with my selection of Jay. Not even a little bit," he added. "And I'm not blaming anybody, but I'm just telling you I think that the Fed is way off-base with what they're doing."

Trump has repeatedly criticized the Fed in recent months, going so far as to call the central bank the "biggest threat" to his presidency.

The criticism from Trump comes as the Fed has raised interest rates three times this year and forecast another rate hike before the end of the year.

CME Group's FedWatch tool indicates a 79.2 percent chance the Fed will raise rates by another quarter point to a range of 2.25 to 2.50 percent at its monetary policy meeting next month.

Trump has repeatedly claimed the Fed is raising rates too aggressively considering recent "very low" inflation numbers.

"The problem that I have is with the Fed. The Fed is going wild," Trump said in an interview with Fox News last month. "I mean, I don't know what their problem is but they are raising interest rates and it's ridiculous."

Arguing that inflation has been held in check, Trump said he does not want to see Fed policy lead to a slowdown in recent economic growth.

Trump's latest comments come ahead of Thursday's release of the minutes of the Fed's latest monetary policy meeting, which may shed additional light on the outlook for interest rates.

For comments and feedback contact: editorial@rttnews.com

Political News

Follow RTT