Trump Criticizes Rate Hikes, Says Fed Chair Should Decide Independently
Speaking in an interview, Trump said of new Fed Chair Kevin Warsh: “Kevin is fantastic, and I want him to do whatever he wants.” Warsh was sworn in last month.
“I don’t want to have a big influence on him. But we had a great (jobs) report. We’re doing great, and it’s unfair that whenever you do great, they want to raise interest rates,” he added.
The May jobs report showed continued strength in the US labor market, with 172,000 jobs added and unemployment remaining steady. Economists typically view rate increases as a tool to prevent overheating and rising inflation.
The report came amid growing concerns over energy prices, which have increased since the escalation of conflict involving Iran.
“Nowadays when you have good reports, the market goes down because they think they’re going to raise interest rates,” Trump said. “There’s no reason to raise interest rates.”
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