President Donald Trump on Friday offered his latest broadside against his handpicked Federal Reserve chairman, asking, “Where did I find this guy Jerome?”
“I agree with @jimcramer, the Fed should lower rates. They were WAY too early to raise, and Way too late to cut – and big dose quantitative tightening didn’t exactly help either,” Trump tweeted. “Where did I find this guy Jerome? Oh well, you can’t win them all!”
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The president has repeatedly assailed Jerome Powell for hiking interest rates as the economy has continued to recover from the financial crisis a decade ago. But he has dramatically escalated his attacks as signs have emerged that the U.S. could be headed for a recession next year — a development that could blunt his reelection effort.
Trump has publicly said he has the right to fire Powell, telling the Fox Business Network in June, “I have the right to demote him. I have the right to fire him,” while adding that he had “never suggested” following through.
Powell, however, said in July that he wouldn’t leave the Fed if Trump tried to oust him.
“What I have said is the law gives me a four-year term and I fully intend to serve it,” Powell told lawmakers.
Trump received the latest economic blow on Friday morning when the Labor Department reported that hiring slowed in August. The U.S. added 130,000 jobs in the month, coming in below economists’ prediction of 150,000 jobs, as Trump’s ongoing trade wars, most notably with China, continued to bite.