On Friday, President Donald Trump continued his mounting attacks on the Federal Reserve.
"I personally think the Fed should drop rates, they've really slowed us down," Trump told reporters before boarding Marine One. "There's no inflation. In terms of quantitative tightening, it should be quantitative easing."
Quantitative easing is a process in which the Fed buys financial assets to directly inject huge amounts of money into the economy. It's meant as a last resort for softening recessions, not a quick way to inflate jobs numbers for political gain. Trump is basically calling for the Fed to let inflation run wild.
Trump's remarks prompted horror on social media:
*TRUMP CALLS FOR FED TO SHIFT TO QUANTITATIVE EASING help— Katherine Greifeld 🎄 (@Katherine Greifeld 🎄)1554473517.0
Trump is completely LOSING IT when it comes to the stock market and the Fed. He needs to stop ASAP - he's going to… https://t.co/NhJsm13Sng— Jesse Colombo (@Jesse Colombo)1554474166.0
Did anybody follow up and ask this moron to define “quantitative easing”? https://t.co/DkFsNA1IgK— Kevin 😷 (@Kevin 😷)1554475430.0
Trump simultaneously compares every Democrat to Maduro and wants to jawbone the Fed into a round of quantitative easing at <4% employment.— Timothy E. Magazine, Person of the Year (@Timothy E. Magazine, Person of the Year)1554475498.0
One of Trump's fiercest critics was former Republican National Committee chairman Michael Steele, who noted the obvious contradiction in Trump's rhetoric on the economy:
Does this man have any idea what he’s talking about; or what’s actually going on with the economy? You cannot claim… https://t.co/zO14QF2Ftq— Michael Steele (@Michael Steele)1554474641.0