President Trump directly cast blame on Federal Reserve Chairman Jerome Powell of endangering the U.S. economy by raising interest rates, according to The Wall Street Journal, CNBC informed.
“I’m just saying this: I’m very unhappy with the Fed because Obama had zero interest rates,” Trump told the Journal on Tuesday. “Every time we do something great, he raises the interest rates.”
The President stated that Powell “almost looks like he’s happy raising interest rates,” but declined to elaborate, according to the Journal.
Trump acknowledged that the Fed is traditionally independent of political influence, the Journal reported, but he still pressed his attacks and appears to see the U.S.’s actual economic performance as a competition between himself and former President Barack Obama.
The Federal Reserve is the central bank of the United States and its mission is to set interest rates with the twin goals of maximizing employment and fighting inflation. The Fed has independence from presidential influence so that it can fulfill that so-called “dual mandate” without political intereference.
The Fed has raised interest rates three times this year as the U.S. economy has heated up.
“How the hell do you compete with that? And Obama — remember this, it’s very important — Obama had zero interest,” the President told the Journal on Tuesday.
Asked if he regrets nominating Powell to his Fed chairmanship, Trump told the Journal: “Too early to tell, but maybe.”
Powell has said neither he nor other Fed officials are letting Trump’s frequent complaints affect them.
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