Federal Reserve ‘loves’ U.S. manufacturing troubles, Trump says
ASSOCIATED PRESS
President Donald Trump and first lady Melania Trump arrive at Andrews Air Force Base, Md., today after returning from the G-7 Summit in Biarritz, France.
WASHINGTON >> President Donald Trump, who last week suggested Fed Chairman Jerome Powell could be an enemy, is now saying that the central bank “loves” the troubles that U.S. manufacturers are facing.
The president’s tweet today appears to be his latest effort pressure the central bank to lower interest rates more quickly.
The Federal Reserve loves watching our manufacturers struggle with their exports to the benefit of other parts of the world. Has anyone looked at what almost all other countries are doing to take advantage of the good old USA? Our Fed has been calling it wrong for too long!
— Donald J. Trump (@realDonaldTrump) August 27, 2019
But a former top Fed official is pushing back on Trump’s repeated attacks on the Fed and Powell. Bill Dudley, former president of the Fed’s New York regional bank, argues that the Fed should stop enabling Trump’s trade war with China.
Dudley wrote in a Bloomberg Opinion piece that if the Fed were to accommodate the president, it could encourage him to escalate his trade war and increase the risk of a recession.
