The Federal Reserve is not making President Donald Trump happy as the real estate billionaire mogul went on the offensive once again.
Speaking in an interview with The Wall Street Journal, President Trump accused Fed Chair Jerome Powell of putting the national economy at risk because it is raising interest rates. He also complained that his predecessor, Barack Obama, had zero interest rates.
“I’m just saying this: I’m very unhappy with the Fed because Obama had zero interest rates. Every time we do something great, he raises the interest rates,” he said. “How the hell do you compete with that? And Obama — remember this, it’s very important — Obama had zero interest.”
Trump added that Powell “almost looks like he’s happy raising interest rates.”
There’s an interesting part in the interview of Trump conceding that the central bank is not politically influenced. This is dead wrong, something which Trump even noted during the 2016 election (SEE: Donald Trump is right – Federal Reserve is a political tool to help the White House).
The Fed has raised rates several times since Trump took office, and it is expected to raise rates again in December, with three more coming in 2019.
Rather than having the Eccles Building manipulate rates, why not just have the free market determine them?
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