Trump: Stocks would be up 10,000 points if it weren't for the Fed
President Trump said Thursday that while the U.S. economy is in “incredible” shape, it would be even better if the Federal Reserve didn’t raise interest rates.
“We’re up $14 trillion in value, look at what’s going on with the stock markets, and this is despite a Federal Reserve,” Trump told Fox News’ Laura Ingraham. “If we didn’t have all these interest rates, you know, who thought [Federal Reserve Chair Jerome Powell] was going to raise interest rates, but if we didn’t have that we’d be at 5.2 [GDP] and the stock market would be up 10,000 points more.”
The Federal Reserve raised interest rates four times in 2018 and in December, projected two more rate increases this year. The stock market on Tuesday had its best day since January, after Federal Reserve officials, including Powell, indicated that they are open to cutting interest rates if ongoing trade wars weaken economic growth.
CLICK HERE TO GET THE FOX BUSINESS APP
The U.S. economy grew by 3.2 percent in the first three months of 2019.