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Trump fired a new warning shot at the Fed over rising interest rates

President Donald Trump and Federal Reserve Chair Jerome Powell
  • President Donald Trump accused Federal Reserve Chairman Jerome Powell of getting joy out of raising interest rates in an interview with The Wall Street Journal published on Tuesday.
  • Trump has made clear he sees rising interest rates as a threat to the broader US economy.
  • When asked whether he regrets nominating Powell to chair the Federal Reserve, Trump said it’s “too early to say, but maybe.”
  • Historically, presidents are expected to avoid publicly criticizing the Fed to avoid the appearance of inappropriately influencing monetary policy.

President Donald Trump on Tuesday accused Federal Reserve Chairman Jerome Powell of getting joy out of raising interest rates in an interview with The Wall Street Journal published on Tuesday.

“Every time we do something great, he raises the interest rates,” Trump said, adding that Powell, “almost looks like he’s happy raising interest rates.”

Historically, presidents are expected to avoid publicly criticizing the Fed to avoid the appearance of inappropriately influencing montary policy.

Trump has made clear he sees rising interest rates as a threat to the broader US economy. He has broken with longstanding traditions in presidential politics by openly criticizing the Fed.

When asked whether he regrets nominating Powell to chair the Federal Reserve, Trump said it’s “too early to say, but maybe.”

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Trump’s comments on Tuesday come a week after he described the Fed as his “biggest threat,” the Associated Press reported. The president also had words for Powell in the AP report, and grumbled at the Fed’s plan to keep raising interest rates into 2019.

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“I’m not happy with what he’s doing because it’s going too fast,” Trump said.

Source: Business Insider

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