Trump hits Federal Reserve as the ‘most difficult problem’ facing US

Saturday, July 6, 2019
By Paul Martin


President Trump took aim at the Federal Reserve on Saturday, labeling it the “most difficult problem” the U.S. faces and again criticizing the independent central bank for raising interest rates.

“Strong jobs report, low inflation, and other countries around the world doing anything possible to take advantage of the United States, knowing that our Federal Reserve doesn’t have a clue!” Trump tweeted late Friday night. “They raised rates too soon, too often, & tightened, while others did just the opposite.”

“As well as we are doing from the day after the great Election, when the Market shot right up, it could have been even better – massive additional wealth would have been created, & used very well,” he continued. “Our most difficult problem is not our competitors, it is the Federal Reserve!”

Trump’s comments come a day after an “unexpectedly good” June jobs report, which said the economy added roughly 224,000 jobs for the month.

Trump touted the report on Friday while claiming the economy would have transcended previous highs if the Fed yielded to his desire for lower rates. The president has argued that the Fed should lower interest rates to stimulate the economy and aid his trade battles while inflation remains low.

“If we had a Fed that would lower interest rates, we’d be like a rocket ship, but we’re paying a lot of interest and it’s unnecessary,” he said Friday. “But we don’t have a Fed that knows what they’re doing, so it’s one of those little things. But if we had a Fed that would lower rates, you would have a rocket ship.”

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