Trump Says Fed Is U.S. Economy’s ‘Only Problem’
President Donald Trump blasted the Federal Reserve, blaming it for the plunge in the stock market, following reports he has considered firing Fed chief Jerome Powell.
“The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders,” Trump said in a tweet Monday. “The Fed is like a powerful golfer who can’t score because he has no touch — he can’t putt!”
Treasury Secretary Steven Mnuchin sought to reassure financial markets over the weekend that Powell’s job is safe.
Mnuchin said in a pair of tweets Saturday evening that he’d spoken with the president about the matter, and he quoted Trump saying he didn’t believe he had the authority to remove the central bank chief.
Mick Mulvaney, the incoming White House chief of staff, said Sunday he’d spoken to Mnuchin and that Trump “now realizes he does not have the ability” to fire a Fed chairman. Prolific tweeter Trump hasn’t directly addressed the issue himself.