Trump gripes about Fed in rare rebuke by sitting president

Galtero Lara
Julio 19, 2018

I don't really - I am not happy about it.

Trump also said Fed Chairman Jerome Powell, whom he nominated, is "a very good man".

In his exact words, the President said he's "not thrilled" with rate hikes and worries that work done by his administration will be nullified.

"I'm not thrilled" the Fed is raising borrowing costs and potentially slowing the economy, he said in an interview with CNBC broadcast Thursday.

The Fed last month raised its policy rate for a second time this year and projected two more increases in 2018. The President acknowledge the unusual nature of his comments but pressed on, saying he has held the same viewpoint since being a private citizen.

During the 2016 campaign, Trump was highly critical of the Fed and accused officials of keeping rates at ultra-low levels to favor Democrats.

Even though he's frustrated, Trump said he's "letting them do what they feel is best".

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Presidents have historically avoided criticizing the Fed, which is created to be independent from political interference.

However, he added that he is "letting them do what they think is best".

The economy has continued to grow since Trump took office, with unemployment rates down, growth rising and the stock market up.

But, with unemployment at historic lows and inflation on the rise, Powell has said the United States economy is strong enough to weather the interest rate increases.

A number of factors, including inflation and higher interest rates, could soon counteract the fiscal stimulus, however, and economists say the risk of recession in the coming years is growing.

"So somebody would say, 'Oh, maybe you shouldn't say that as president.' I couldn't care less what they say, because my views haven't changed".

Trump's comments have already sparked blowback.

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