US presidents are not known for slamming the Federal Reserve openly. But then, President Trump is not your usual US President.
He has just described the US Federal Reserve, which is charged with steering US monitory policy, as an organization that ‘ doesn’t know what it is doing.
Taking to his Twitter handle, Trump said,
“Despite a Federal Reserve that doesn’t know what it is doing – raised rates far too fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in US history…”
The open criticism shows that President Trump is deeply at odds with his central bankers.
Or it might just be that Trump feels misunderstood by the organization as he continues to take flak from the liberal mainstream media despite a strong economy.
Or, maybe Trump is just doing what he knows best – attracting publicity by making provocative statements. Or he is just being himself.
Whatever his motive, expect more flak to come his way.