President Donald Trump, renewing his attack on the Federal Reserve, claimed Sunday that the stock market would be thousands of points higher had it not been for the actions of the U.S. central bank.
“If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points,” the president tweeted. “Quantitative tightening was a killer, should have done the exact opposite!”
The president delivered his latest criticism os the Fed as his motorcade pulled into Trump National Golf Club in Sterling, Va., for a Sunday outing.
His venting comes as his two recent picks for the Fed, businessman Herman Cain and conservative economist Stephen Moore, have come under fire, with several Republicans indicating Cain may not be able to win confirmation in the Senate.
It also comes days after Fed Chairman Jerome Powell, a frequent target of Trump’s criticism, told lawmakers at a Democratic Party retreat that the central bank won’t bend to political pressure, according to two people in the room for the closed event.
Trump picked Powell as Fed chairman, replacing Janet Yellen, but later indicated that he regretted the decision, and in late 2018 discussed the feasibility of firing him before appearing to decide against it. Trump has criticized the Fed’s rate increases as it tried to gradually move them to a level that neither stymies nor stimulates growth.
The rate increases have slowed some segments of the economy, such as housing, but overall the U.S. economic expansion continues, along with the lowest unemployment in decades and inflation near the Fed’s 2 percent target.
Lately, Trump has urged the Fed to cut rates to turn the economy into a “rocket ship,” which White House economic adviser Larry Kudlow said last week would be growth in the