President Donald Trump continues to goad the Federal Reserve into a response to his constant tirades against the Eccles Building. So far, the central bank has not taken the bait.
Speaking in an interview with The Washington Post, President Trump slammed the Fed and Chair Jerome Powell for raising interest rates and introducing other normalizing monetary policies that he says are damaging the U.S. economy.
“So far, I’m not even a little bit happy with my selection of Jay. Not even a little bit. 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,” he said.
“I’m doing deals, and I’m not being accommodated by the Fed. 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.”
For one thing, it’s great to see a sitting president slam the institution. However, it’s another thing to demand the Fed maintain its policies of manipulation. Trump would be better off abolishing the central bank and be done with it.
Or, if he doesn’t want to abolish it, then nominate a Fed-hating expert to bring a bulldozer to the bank.
History proves every time the FED raises interest rates to fend off inflation we go into a recession. We need to end the FED now, no one should have that much power over our economy.