When was the last time a sitting president attacked the Federal Reserve as much as President Donald Trump? There isn’t a day that goes by where he doesn’t slam the central bank for its policies.
If only he went after the Fed for different reasons…
Speaking in an interview with the Fox Business Network on Tuesday that will air on Wednesday, Trump claimed that the Eccles Building is the only obstacle to achieving massive economic growth because it is raising interest rates too fast.
“My biggest threat is the Fed. Because the Fed is raising rates too fast, and it’s too independent,” he said.
Trump added that he isn’t pleased with some of the officials he has added to the Fed.
“I put a couple of other people there I’m not so happy with too, but for the most part I’m very happy with people,” the president explained.
“Because the Fed is raising rates too fast and it’s independent so I don’t speak to him. But I’m not happy with what he’s doing because it’s going too fast, because you look at the last inflation numbers, they’re very low.”
The central bank has raised rates six times since Trump entered the Oval Office and it is scheduled to pull the trigger on another rate hike in December. The Federal Open Market Committee (FOMC) has also penciled in at least three rate hikes in 2019.
Trump needs to remember that he even conceded that it isn’t an independent institution because it is driven by politics (SEE: Donald Trump is right – Federal Reserve is a political tool to help the White House).
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