6/14, 3:31 PM (Source: TeleTrader)
more TeleTrader news

Trump: I disagree with Fed's Powell entirely

United States President Donald Trump harshly criticized Federal Reserve Chair Jerome Powell for raising interest rates and claimed he completely disagrees on monetary policy with the central bank head despite appointing him to the position.

"He's my pick and I disagree with him entirely," Trump told ABC's George Stephanopolous earlier this week. "If we had a different person in the Federal Reserve who wouldn’t have raised interest rates so much," the markets would perform better, he added in the part of the interview released on Friday. The US president claimed that stock markets would be "10,000 points higher" if the Fed "did nothing, or perhaps even loosened" its policy.

Trump constantly criticized the Fed for hiking interest rates when the inflation is "very low" and his chief economic adviser Larry Kudlow urged the central bank to cut rates by 50 basis points. Earlier this month, Powell stressed Fed is monitoring the latest trade and economic developments and is ready to adjust its policy to "sustain the expansion."

Breaking the News / NP