Trump: Fed Chairman Jerome Powell’s job is ‘safe’
President Trump said Thursday Federal Reserve Chairman Jerome Powell’s job isn’t in jeopardy.
“It’s safe,” the president told Fox News’ Ed Henry in an exclusive interview at the U.S. southern border.
“He’s got a job, and you know, I’m disappointed in him. I’m very disappointed in him. He raised far too fast. He also did quantitative tightening which was not a good thing to do.”
Trump told Henry he thinks the Fed should be cutting rates more aggressively, considering countries like Germany and Japan are getting paid to borrow money.
“We can’t participate in that and its because of the Fed,” Trump said. “So I’m not thrilled with the Fed. But despite that, we have an incredible economy and we don’t have inflation.”
The Fed on Wednesday cut its benchmark interest rate by 25 basis points to a range between 1.75 percent and 2 percent, citing weakening exports and low inflation. The rate cut was the central bank’s second in as many meetings but fell short of the “big” rate cut Trump was hoping for.
Trump says the U.S. economy is doing “great” despite Powell’s policies.
“Look, we have a great economy and that’s not going to make the difference, but it would’ve given us an edge and instead someone else has an edge, but they’re so far behind us they can’t catch us.”