President Donald Trump is not happy with Federal Reserve Chair Jerome Powell, the man he selected to succeed Janet Yellen.
According to Bloomberg, President Trump slammed Powell at a Hamptons fundraiser for the Republicans on Friday. He revealed that he thought Powell would leave interest rates unchanged and maintain the cheap money policies of past Feds. Instead, he raised interest rates – he has done so five times since Trump became president – and is expected to pull the trigger on more rate hikes in the future.
While Trump has criticized the Fed and Powell on Twitter, some say his private comments to donors were rather “personal.”
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White House spokesman Hogan Gidley and Federal Reserve spokesman David Skidmore declined to comment.
About 60 people attended Trump’s fundraiser at the Southampton home of Howard Lorber, the chairman of hot dog company Nathan’s Famous. Guests included Chicago Cubs co-owner Todd Ricketts; John Catsimatidis Jr., the son of Red Apple Group Chairman John Catsimatidis; Republican National Committee Chairwoman Ronna Romney McDaniel; Commerce Secretary Wilbur Ross; Treasury Secretary Steven Mnuchin; White House Chief of Staff John Kelly; and senior White House aides Jared Kushner and Dan Scavino.
Trump held a discussion with a small group and then made remarks to a larger group over a dinner of salad with chicken in a tent in Lorber’s yard. It was a humid night and Trump joked that Lorber could have afforded better air conditioning, according to one of the people.
An RNC spokeswoman said the event raised about $3 million for the Trump Victory Committee, which benefits both the president’s campaign and the pary.
Trump has flip flopped on the Fed multiple times since announcing his bid for the presidency.
He griped about suppressing interest rates, but now he is bemoaning rate hikes. He lamented Yellen, but wanted to find peace with her. He wanted to audit the Fed, but then said it would be on the backburner.
The anti-Trump crowd will say that he is threatening the integrity of the Fed’s independence. But the central bank has never been independent.
SEE:
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Donald Trump is right – Federal Reserve is a political tool to help the White House
Is the Federal Reserve a political institution? Ron Paul says it’s ‘an open secret in Washington
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