Fed head safe, says an­gry Trump

Herald Sun - - BUSINESS DAILY -

US Pres­i­dent Don­ald Trump has re­newed his at­tack on the na­tion’s cen­tral bank, say­ing it is “out of con­trol”.

But Mr Trump said he did not have any plans to dis­miss the chair of the Fed­eral Re­serve, Jerome Pow­ell.

Mr Trump blamed the Fed for the global stock rout this week that has un­folded amid con­cerns about ris­ing in­ter­est rates.

“It is a cor­rec­tion that, I think, it is caused by the Fed­eral Re­serve with in­ter­est rates,” Mr Trump told re­porters at the White House.

“I think the Fed is out of con­trol.”

Mr Trump said he un­der­stood the econ­omy bet­ter than the Fed.

“I think I know about it bet­ter than they do,” he said.

“I think the Fed is far too strin­gent, and they’re mak­ing a mis­take, and it’s not right.”

How­ever, asked about Mr Pow­ell’s fu­ture, Mr Trump said, “I’m not go­ing to fire him”.

Mr Trump named Mr Pow­ell to lead the cen­tral bank but can only fire him for cause.

Ear­lier in the day, he told the US show Fox & Friends the cen­tral bank was “mak­ing a big mis­take” by be­ing “too ag­gres­sive” in rais­ing rates.

Jerome Pow­ell

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.