Trump Says Fed Is U.S. Econ­omy’s ‘Only Prob­lem’

The Bond Buyer - - Market News -

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.

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