US President Donald Trump has lashed out at the US Federal Reserve and its chairman Jerome Powell, saying they are the only thing that is stalling America’s economic growth.
“The only problem we have is Jay Powell and the Fed. He’s like a golfer who can’t putt, has no touch,” the US president proclaimed in his tweet on Wednesday. Taking another jab at the Fed chairman, Trump tweeted that “so far he has called it wrong, and only let us down.”
Doing great with China and other Trade Deals. The only problem we have is Jay Powell and the Fed. He’s like a golfer who can’t putt, has no touch. Big U.S. growth if he does the right thing, BIG CUT – but don’t count on him! So far he has called it wrong, and only let us down….
Powell, who Trump appointed in February 2018, has been a constant target for the president’s angry remarks. While the heads of the US Federal Reserve are appointed by acting presidents, the Fed follows an independent monetary policy. It has raised interest rates seven times during Trump’s presidency, repeatedly sparking his indignation. A steadily growing US economy is one of Trump’s 2020 re-election campaign focal points.
Most recently, as if conceding to Trump’s requests, the Fed cut its benchmark interest rate by 25 basis points at a meeting in July. But that appears not to have been enough for the president.
“We are competing with many countries that have a far lower interest rate, and we should be lower than them. […] Wake up Federal Reserve. Such growth potential, almost like never before!” Trump tweeted.
Other than the Fed, Trump claims the US economy is in a near-perfect shape “doing great with China and other Trade Deals.”
According to reports, financial markets are expecting at least one more rate cut by the Fed by the end of this year, presumably when the Fed meets again in September. Citing members of the Federal Open Market Committee, which votes on rate changes, analysts say a second rate cut is also possible, most likely in December.
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