President Donald Trump lashed out at Federal Reserve Chairman Jerome Powell on Tuesday, blaming his nominee to head the central bank for a series of recent negative economic developments, including General Motors’ plan to layoff thousands of workers and close plants, according to The Hill.
Trump complained that Powell is working against his economic agenda and said he has “a gut” that informs his decisions better than “anybody else’s brain” sometimes.
“I’m doing deals and I’m not being accommodated by the Fed,” Trump said in an interview with The Washington Post. “They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me.”
The comments mark an escalation of Trump's criticism of Powell, whom he nominated last year to lead the central bank, over rising interest rates. They also indicate the president does not believe he bears responsibility for the negative economic news this week.
“So far, I’m not even a little bit happy with my selection of Jay,” Trump told the Post. “Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.”