Stock Market News| Stock Market Analysis July 2019 If the Fed “knew what it was doing” it would cut rates, Trump told reporters before he boarded Air Force One in Morristown, New Jersey, to return to Washington after a weekend at his nearby golf club. Fed policy is putting the U.S. at a disadvantage versus Europe and suppressing gains in the stock market, Trump said.
The fresh criticism is consistent with ideas that the president is laying the groundwork to replace Powell when the chairman’s term is up in 2022, assuming Trump is re-elected, or will attempt to do so earlier if the Fed doesn’t bend quickly enough to his will.
Our most difficult problem is not our competitors, it is the Federal Reserve,” Trump said in a Twitter post late Friday. The Fed had “raised rates too soon, too often” and “doesn’t have a clue,” he said. Trump has repeatedly accused Powell of not doing enough to bolster the economy.
President Donald Trump:
“We’ve had great economic numbers that came out-spectacular economic numbers”
“We are paying interest rates which the previous administrations didn’t pay”
“If the fed knew what it was doing they would lower rates and they would stop quantitative tightening”
“If you look at Europe they are pumping money in, and they are dropping rates lower. We are put in an unfair playing field with the fed hiking interest rates against the European union.”
“If the fed would cut interest rates in half the dow would be 5-10,000 points higher.”
“On China: we are taking in billions and billions of dollars in tariffs. During previous administrations China ripped us off. Thousands of companies are leaving China and they are going to other places including the United States. China is devaluing their currency and pumping money in. Our people have not been paying for the tariffs.”
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