Politics & MoneyMortgage

Trump “not thrilled” with interest rate hikes

In an interview with CNBC, Trump criticized the Fed's decision to raise interest rates

In an interview with CNBC, President Donald Trump told Joe Kernen he is “not thrilled” about interest hikes and that the Federal Reserve could jeopardize the economic recovery with further hikes.

In the interview, Trump criticizes the Fed's decision to raise rates saying that it might put the U.S. at a disadvantage when its counterparts like the European Central Bank and the Bank of Japan maintain a loose monetary policy.

“Now I’m just saying the same thing that I would have said as a private citizen,” he said. “So somebody would say, ‘Oh, maybe you shouldn’t say that as president.' I couldn’t care less what they say, because my views haven’t changed,” Trump said.

“I don’t like all of this work that we’re putting into the economy and then I see rates going up. But at the same time I’m letting them do what they feel is best,” he added.

It is important to note that Trump has no control over what the Fed does and that one of its hallmarks is its independence from partisan influence.

Trump has a fluctuating relationship with his opinion on interest rates.

Back in 2017, he told Fortune that he favored the Fed’s policy of keeping interest rates low, but in 2016, he accused then-Fed Chair Janet Yellen of conspiring with President Barack Obama to keep interest rates low for political reasons.

Shortly after today's interview, the White House issued a statement walking back Trump’s comments regarding the Fed.

“Of course the president respects the independence of the Fed. As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions,” the statement read.

About the Author

Most Popular Articles

Housing market flashing recession signal

The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations. “When income fails to keep pace with home prices, the latter must fall back,” the post said. “Falling home prices, in turn, drive down household spending.”

Oct 11, 2019 By

Latest Articles

Pennsylvania sues rent-to-own operator Vision Property Management for preying on low-income renters

Vision Property Management has already run into trouble in Wisconsin and New York, with each state claiming that the company’s rent-to-own business model is actually a scam designed to prey on low-income individuals who want to buy a home. And now, the company has another state to deal with: Pennsylvania.

Oct 11, 2019 By