It’s another day that ends in “y,” so that means President Donald Trump is complaining about the Federal Reserve – and not in the same way Ron Paul did.
Writing in a morning tweet on Tuesday, the president championed the national economy, noting that it would be so much better if he had artificially low interest rates like his predecessor did.
Here is the tweet:
Economic numbers looking REALLY good. Can you imagine if I had long term ZERO interest rates to play with like the past administration, rather than the rapidly raised normalized rates we have today. That would have been SO EASY! Still, markets up BIG since 2016 Election!
— Donald J. Trump (@realDonaldTrump) January 8, 2019
“Economic numbers looking REALLY good. Can you imagine if I had long term ZERO interest rates to play with like the past administration, rather than the rapidly raised normalized rates we have today. That would have been SO EASY! Still, markets up BIG since 2016 Election!”
This comes days after Fed Chair Jerome Powell said that he would not resign if the White House requested him to do so.
For weeks, Trump has lambasted the central bank for gradually normalizing rates. However, on the campaign trail, he complained about the Fed keeping rates too low for too long, correctly arguing that suppressed rates hurt savers, retirees, middle-income earners, and young people.
What happened?
Well, he became president, so administrations always like when rates are kept low because then it manipulates markets and keeps investors in the stock market since they’re getting very little in return for yield-bearing assets.
It isn’t surprising to deduce why he didn’t install a harsh critic of the Eccles Building to helm the central bank.
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