President Donald Trump slammed his own Federal Reserve as an economic slowdown appears on the horizon.
The Federal Reserve could buy Trump some time by cutting interest rates ahead of the 2020 election, which could temporarily extend the historic 10-year economic expansion, and the president smacked Jerome Powell, the Fed chairman he chose in November 2017.
“Despite a Federal Reserve that doesn’t know what it is doing – raised rates far to 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 U.S. history,” Trump tweeted.
“Think of what it could have been if the Fed had gotten it right,” he added. “Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s. Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it!”
His claims — which he deleted and reposted without misspellings — were quickly fact-checked and ridiculed by other Twitter users.
Who appointed these know-nothings! pic.twitter.com/jPumAUeqLP
— Jeremy Newberger (@jeremynewberger) June 24, 2019
This is so lame-brained. Short term interest rates are around 2.4%, extremely low by historic standards. Mortgage rates are extremely low. Borrowed money is cheap. Tariffs and presidential miscues are holding the U.S. back, not interest rates.
— (@Dave_Enna) June 24, 2019
Great! Can we let the children out of the cages now?
— The Gypsy & Us (@KelliAppleton6) June 24, 2019
i don’t know man, i think june of 1776 was pretty productive
— Vincent Tevnan (@VincentTevnan) June 24, 2019
I prefer my financial advice from people who didn’t go bankrupt.
— Fred Kesselman (@fkess23) June 24, 2019
I’ll bet the leaders of the Federal Reserve know the difference between, to, too & two…
— Stu Cameron (@stucam7771) June 24, 2019
Wow – folks at the Federal Reserve must feel inspired by their ‘leader’.
— Rob Butler (@Robbutler123) June 24, 2019
“Too”. Also the stock market isn’t the economy Mr. Stable genius
— Seth Katzenstein (@Sethjk) June 24, 2019
You would fail jr high economics.
— Artfull Duderino (@dodgr007) June 24, 2019
If the economy was as strong as you claim it is rates should be going up…
— Laurie Corsello (@CorselloLaurie) June 24, 2019
Yaaaaa, I’m not gonna take financial advice from someone who went bankrupt multiple times and ran three casinos into the ground. But definitely nice lip service to your rabid fan base.
— Tyler Wilson (@Tmoney8890) June 24, 2019
“Like a stubborn child”. Sounds familiar, right?
— Roel Cobben (@RoelJewel) June 24, 2019
One of the biggest questions being overlooked is how can the economy be as great as you say when it cant handle the fed funds at 2%? Before 2008 we were at 6…
— scott (@scottytech91) June 24, 2019
option 1: we have the strongest economy in the history of time
option 2: the Fed desperately needs to cut interest rates
pick one, mr president. nobody with the slightest understanding of economics believes you can have this both ways.
— Arlen Parsa (@arlenparsa) June 24, 2019
The Fed reduces interest rates when the economy is showing signs of slowing. So, you are admitting that YOUR economy is beginning to struggle as a result of YOUR tariffs and now you are asking the Fed to bail you out. Isn’t that what your dad used to do for you?
— ☠ Karen Reed ☠ (@FloridaWench) June 24, 2019
They saved his ass twice by raising rates. This is the same moron that thinks all trade deficits are bad, tariffs good, and tried to name an “economist” to the Fed that wanted to tie interest rates to volatile futures (Moore). Complete. Idiot.
I see why he’s bankrupt. FFS.
— JRR (@ChildericsHeir) June 24, 2019
Please SHUT UP! You do not understand anything about interest rates. You have no business commenting publicly on Fed policy—unless you’re doing so deliberately to manipulate the market in order to make yourself money, & that would be ILLEGAL! SEC, you watching this interference?!
— Goldensrule (@BDBgoldens3) June 24, 2019