For months, President Trump has been pushing The Fed to cut interest rates, lambasting them for raising rates last year “slowing us down.”
Then, at the end of April (in the middle of the latest FOMC meeting), Trump took it one step further, demanding The Fed cut interest rates by 1 percentage point and to implement more money-printing quantitative easing. In a two-part tweet, the president unfavorably compared the Fed to its China counterpart and said if monetary policy in the U.S. was looser, the economy would “go up like a rocket.”
Democrats denounced Mr. Trump’s comments, saying they showed his disregard for the traditional independence of the Fed and his desire to use its powers to help him win re-election.
“There’s no question that President Trump is seeking to undermine the long-term stability of the economy and independence of the Federal Reserve to boost his own re-election prospects,” said Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee.