President Trump said the U.S. economy is on course to have the best month of June in history, while blasting the central bank for acting like a “stubborn child” by not cutting interest rates
President Donald Trump said the U.S. economy is on course to have the best month of June in history, while blasting the central bank for acting like a “stubborn child” by not cutting interest rates.
“Despite a Federal Reserve that doesn’t know what it is doing - raised rates far to fast & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in U.S. history..,” Trump wrote onDespite fears of a slowing economy, the Federal Reserve kept rates steady last week, and previewed the possibility of cuts this year — a move Trump has long desired. The Fed announcedthat it maintains “the most likely outcomes” for the U.S.
News broke early last week that Trump has flirted with demoting Fed Chairman Jerome Powell, though the chief cannot be removed entirely from the central bank’s board unless it is “for cause.” Trump suggested Monday that had the Fed done its job properly by cutting rates, the Dow could have been thousands of points higher and the U.S. would enjoy a higher GDP.
“....Think of what it could have been if the Fed had gotten it right. Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s. Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it!” he continued. The president has been increasingly vocal on how he thinks the Fed should act, repeatedly pressing Powell to cut interest rates. Trump
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