Trump steps up criticism of Fed's Powell: "I guess I'm stuck with you"
President Trump, in turn, owed the Federal Reserve again to curb the nation's economy, despite the fact that the central bank recently said it is not expected interest rates to rise in the coming years.
Trump criticized both the Fed and its leader, Jerome Powell, for three meetings this past week, according to The Wall Street Journal. The president told Republican senators, supporters and co-workers that if the Fed had not hiked the referral federal fund rate in December, financial production and stocks would be higher, reported Journal.
"Mnuchin gave me this guy," Trump complained at one point, allegedly owing to Secretary of State Steven Mnuchin to recommend Powell for the top Fed job. The president also said he said Powell "I guess I'm stuck with you" during a recent phone call.
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Although Trump picked Powell over a year ago to replace so-chair Janet Yellen, he has become a strong critic of the central bank leader. In late March, Trump lambasted Powell to prevent economic growth, says FOX Business & # 39; Maria Bartiromo that US GDP would have climbed higher than 4 percent in 201[ads1]8 if the Fed had not voted to raise interest rates four times the same year.
Signs of renewed excitement with the Federal Reserve appeared when Trump two weeks ago nominated Stephen Moore, a conservative economic analyst and frequent critic of the Fed, to fill a vacancy on Fed's seven members.
Trump's criticism of the Fed and Powell has also been speculated by some analysts that the Fed has carefully drafted its monetary policy to reassure the White House. At the second political meeting of the year, the Fed voted to keep interest rates stable, in addition to signaling there will be no hiking trails for the rest of 2019.
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It marked a strong turn off its meeting in December, when Powell suggested that there could be as many as two interest rate rises this year and one in 2020. Now makers are considering an interest rate increase in 2020 and none in 2021.
Powell has not publicly responded to the president's criticism, but emphasized in February, the importance of Fed's "precious" political independence.
