Skip to main content

President Trump criticized Federal Reserve Chairman Jerome Powell in a new interview with ABC News’ George Stephanopoulos, saying that the economy and stock market would be doing better if someone different was in charge of the Fed. According to CNBC, Trump said that the GDP would be 1.5% higher and that the stock market would be 10,000 points higher if Powell had not enacted rate increases.

Although Trump appointed Powell to the post of Chairman in early 2018, he has openly criticized him, saying that he believes the Fed should be cutting interest rates. Trump said, “He’s my pick and I disagree with him entirely. As you know, it’s independent. ... But I’m not happy with what he’s done.”

Under Powell, the Fed has raised its benchmark overnight interest rate four times in 2018 and has reduced its balance sheet by about $600 billion. Trump has claimed that raising interest rates makes the nation’s debt more expensive, and the debt has increased 10.3% during Trump’s tenure in office so far.

Read more here.