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Trump Blasts Powell’s Rate Hikes, Trespassing on Fed’s Independence

Brendan Murray

President Donald Trump criticized the Federal Reserve’s interest-rate increases, breaking with more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the U.S. central bank.

“I’m not thrilled” the Fed is raising borrowing costs and potentially slowing the economy, he said in an interview with CNBC broadcast Thursday. “Because we go up and every time you go up they want to raise rates again. I don’t really -- I am not happy about it. But at the same time I’m letting them do what they feel is best.”

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“But I don’t like all of this work that goes into doing what we’re doing,” he said, according to CNBC.

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president’s pick to replace Janet Yellen. In the interview, Trump called Powell a “very good man.”

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Read Trump Blasts Powell’s Rate Hikes, Trespassing on Fed’s Independence on bloombergpolitics.com