Trump says the Fed doesn't know 'what they're doing'
Washington - US President Donald Trump on Friday lobbed another attack on the Federal Reserve, accusing it of incompetence for failing to stimulate the economy.
"If we had a Fed that would lower interest rates, we would be like a rocket ship," he told reporters at the White House.Wall Street stocks were lower on Friday morning, with investors believing strong June jobs data could make the Fed less likely to cut interest rates this month. The Labor Department announced job creation had zoomed higher in June, with employers adding a much-higher-than-expected 224,000 net new positions for the month.
"Those were really unexpectedly good and our country continues to do really well really, really well so we're very happy about," Trump said Friday of the employment numbers.Trump since last year has excoriated the central bank and its chairman, Jerome Powell, in particular, shattering recent political norms according to which presidents refrained from commenting on monetary policy.
Trump has nevertheless not let up in his pressure on the central bank, seeking to nominate political allies to fill vacancies that could give him a voice on the Fed's board of governors.
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