Trump renews criticism of Federal Reserve, says central bank 'very misguided'
President Trump renewed his criticism of the Federal Reserve on Monday, calling the U.S. central bank “very misguided.”
“With almost no inflation, our Country is needlessly being forced to pay a MUCH higher interest rate than other countries only because of a very misguided Federal Reserve,” Trump tweeted Monday morning. “In addition, Quantitative Tightening is continuing, making it harder for our Country to compete.”
The president added that he believes interest rate costs should have been “much lower” and said America’s competitiveness could have been "much better.”
Trump has repeatedly expressed his desire for the central bank’s chairman, Jerome Powell, to lower rates, which are currently at a range between 2.25 percent and 2.50 percent. Earlier this month the president called the Fed the “most difficult problem” the U.S. faces.
“As good as we have done, it could have been soooo much better,” he tweeted. “Interest rate costs should have been much lower, & GDP & our Country’s wealth accumulation much higher. Such a waste of time & money."
He also said it was “very unfair that other countries manipulate their currencies and pump money in.”
CLICK HERE TO GET THE FOX BUSINESS APP
Despite Trump’s repeated attacks on the central bank’s chair, Jerome Powell, the chief policymaker said he will not resign if the president requested he does so.
"My answer would be no," he told congressional lawmakers during a testimony before the House Financial Services Committee earlier this month.