By Reuters |Washington |Published: December 25, 2018 8:19:25 am
Donald Trump calls Fed ‘only problem’ in US economy; markets slump
In addition to frequently criticizing the Fed's rate hikes this year, Trump has gone after Powell several times, telling Reuters in August he was "not thrilled" with his own appointee. The Fed hiked interest rates again last week, as had been widely expected.
President Donald Trump blasted the Federal Reserve on Monday, describing it as the “only problem” for the U.S. economy, as top officials convened to discuss the growing rout in stock markets caused in part by the president’s attacks on the central bank.
Stocks fell again on Monday amid concern about slowing economic growth, the government shutdown and reports that Trump had discussed firing Federal Reserve Chairman Jerome Powell, whom he has repeatedly criticized for raising interest rates.
US stocks have dropped sharply in recent weeks on concerns over weaker economic growth. The S&P 500 index was on pace for its biggest percentage decline in December since the Great Depression.
In a tweet that did nothing to ease market concerns about the Fed’s cherished independence, the Republican president laid the blame for economic headwinds firmly at the feet of the central bank. “The only problem our economy has is the Fed. They don’t have a feel for the market,” Trump said on Twitter. “The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!”
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