Trump Again Lashes Out At Federal Reserve: US Economy's 'Only Problem'
President Trump again went after the Federal Reserve on Monday.
President Trump on Monday again lashed out at the US Federal Reserve, calling it the economy's "only problem." He wrote via Twitter: "The only problem our economy has is the Fed.
They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders.
The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"
On Friday, Bloomberg reported, citing sources, that President Trump "has discussed firing" Federal Reserve Chairman Jerome Powell amid a steep stock-market decline and rising interest rates. Incoming White House acting-chief of staff Mick Mulvaney clarified during a Sunday interview with ABC's "This Week" that Trump "now realizes" that "he does not have the ability to fire" Powell. He also referenced a statement from the president that was tweeted by Treasury Secretary Steve Mnuchin. Mnuchin wrote on Saturday: "I have spoken with the President @realDonaldTrump and he said 'I totally disagree with Fed policy.
I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.'"
According to Politico, Trump has "continually pestered the Fed to hold off on [interest] rate hikes, breaking from past presidents who sought to maintain the Fed's independence."
"It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike.
Take the Victory!" Trump tweeted last week.