Trump: ‘If we had a Fed that would lower interest rates, we’d be like a rocket ship’

Investing

President Donald Trump speaks during a press conference after the G-20 Summit on June 29, 2019 in Osaka, Japan.

Tomohiro Ohsumi | Getty Images

President Donald Trump lambasted the Federal Reserve yet again on Friday, saying he thinks the economy will “be breaking records” even though the central bank has rates set too high.

“If we had a Fed that would lower interest rates, we’d be like a rocket ship. But we’re paying a lot of interest and it’s unnecessary but we don’t have a Fed that knows what they’re doing so it’s one of those little things,” Trump said. “But if we had a Fed that would lower rates, we would have a rocket ship.”

Trump has repeatedly criticized the Fed’s decision to maintain interest rates this year, even as Chairman Jerome Powell has highlighted the slowing global economy. Trump has been heavily critical of Powell’s decisions at the Fed, going as far as to say that “the Fed has gone crazy” with how it’s managed interest rates.

The president’s disagreements with Powell – who Trump picked to lead the Fed – have escalated as far as the White House reportedly looking into demoting Powell from Chairman earlier this year. At the same time, Powell has reiterated the central bank’s independence, saying last month that “the Fed is insulated from short-term political pressures.”

Trump’s comments on Friday came after he emphasized the better-than-expected U.S. jobs report for June. The president said last month showed “great numbers” that “were really unexpectedly good.”

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