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!"
[caption id="attachment_1515643" align="alignnone" width="584"] Screen shots of Trump's now-deleted tweets[/caption]
His claims -- which he deleted and reposted without misspellings -- were quickly fact-checked and ridiculed by other Twitter users.
@realDonaldTrump Who appointed these know-nothings! https://t.co/jPumAUeqLP— Untucked with Jeremy Newberger (@Untucked with Jeremy Newberger)1561379458.0
@realDonaldTrump This is so lame-brained. Short term interest rates are around 2.4%, extremely low by historic stan… https://t.co/u2UI7tWYjN— 𝙳𝚊𝚟𝚎 𝙴𝚗𝚗𝚊 🆗 (@𝙳𝚊𝚟𝚎 𝙴𝚗𝚗𝚊 🆗)1561379634.0
@realDonaldTrump Great! Can we let the children out of the cages now?— Kelli, former Republican Voter (@Kelli, former Republican Voter)1561379516.0
@realDonaldTrump i don't know man, i think june of 1776 was pretty productive— 𝕍𝕚𝕟𝕔𝕖, 𝕚𝕟𝕟𝕚𝕥? (@𝕍𝕚𝕟𝕔𝕖, 𝕚𝕟𝕟𝕚𝕥?)1561379487.0
@realDonaldTrump I prefer my financial advice from people who didn’t go bankrupt.— Fred Kesselman (@Fred Kesselman)1561379786.0
@realDonaldTrump I'll bet the leaders of the Federal Reserve know the difference between, to, too & two...— Stu Cameron (@Stu Cameron)1561379673.0
@realDonaldTrump Wow - folks at the Federal Reserve must feel inspired by their ‘leader’.— Rob Butler (@Rob Butler)1561379629.0
@realDonaldTrump @OpenOutcrier “Too”. Also the stock market isn’t the economy Mr. Stable genius— Seth Katzenstein (@Seth Katzenstein)1561379658.0
@realDonaldTrump You would fail jr high economics.— Artfull Duderino (@Artfull Duderino)1561379447.0
@realDonaldTrump If the economy was as strong as you claim it is rates should be going up...— Laurie Corsello (@Laurie Corsello)1561379987.0
@realDonaldTrump Yaaaaa, I'm not gonna take financial advice from someone who went bankrupt multiple times and ran… https://t.co/r2sY5epFS0— Tyler Wilson (@Tyler Wilson)1561380049.0
@realDonaldTrump “Like a stubborn child”. Sounds familiar, right?— Roel Cobben (@Roel Cobben)1561379560.0
@realDonaldTrump One of the biggest questions being overlooked is how can the economy be as great as you say when i… https://t.co/tgL7Y3psxE— scott (@scott)1561379967.0
@realDonaldTrump option 1: we have the strongest economy in the history of time option 2: the Fed desperately need… https://t.co/QREjn7drIU— Arlen Parsa (@Arlen Parsa)1561380562.0
@realDonaldTrump The Fed reduces interest rates when the economy is showing signs of slowing. So, you are admittin… https://t.co/Kvj2YsN5Za— ☠ MaineWench ☠ (@☠ MaineWench ☠)1561380432.0
@realDonaldTrump Please SHUT UP! You do not understand anything about interest rates. You have no business commenti… https://t.co/Y48JqEWx6H— Goldensrule (@Goldensrule)1561380608.0