President Trump is "not happy" with rising interest rates from the Federal Reserve.
CNBC reported Thursday that Trump is frustrated with the central bank and concerned that interest rate hikes could disrupt the economic growth that he so often touts.
"I'm not thrilled," he told CNBC in an interview that the network will air on Friday. "Because we go up and every time you go up they want to raise rates again. I am not happy about it. But at the same time I'm letting them do what they feel is best." Trump claimed that the rate hikes were damaging his administration's efforts, saying he doesn't "like all of this work that we're putting into the economy and then I see rates going up."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It's essentially unprecedented for a president to criticize the Fed this way, but Trump's comments are also unusual given his past views on interest rates. Previously, Trump said that low interest rates were creating a "false economy" under the Obama administration, but he also called the Fed's decisions part of a partisan plot to help Democrats look good.
Former Dallas Fed President Richard Fisher said that "no president should interfere with the workings of the Fed," citing the "hallmark" independence of the central bank. Trump acknowledged that most officials wouldn't publicly criticize the Fed, but shrugged off any negativity. "So somebody would say, 'Oh, maybe you shouldn't say that as president,'" he said. "I couldn't care less what they say," he continued, because "I'm just saying the same thing that I would have said as a private citizen." Read more at CNBC.
-
What is Tony Blair's plan for Gaza?Today's Big Question Former PM has reportedly been putting together a post-war strategy 'for the past several months'
-
When does autumn begin?The Explainer The UK is experiencing a 'false autumn', as climate change shifts seasonal weather patterns
-
The rise of the performative maleTalking Point What the latest internet trope tells us about gender roles, dating and male illiteracy
-
RFK Jr. names new CDC head as staff revoltSpeed Read Kennedy installed his deputy, Jim O'Neill, as acting CDC director
-
DC prosecutors lose bid to indict sandwich throwerSpeed Read Prosecutors sought to charge Sean Dunn with assaulting a federal officer
-
White House fires new CDC head amid agency exodusSpeed Read CDC Director Susan Monarez was ousted after butting heads with HHS Secretary Robert F. Kennedy Jr. over vaccines
-
DOGE put Social Security data at risk, official saysSpeed Read DOGE workers made the personal information of hundreds of millions of Americans vulnerable to identity theft
-
Court rejects Trump suit against Maryland US judgesSpeed Read Judge Thomas Cullen, a Trump appointee, said the executive branch had no authority to sue the judges
-
Trump expands National Guard role in policingSpeed Read The president wants the Guard to take on a larger role in domestic law enforcement
-
Trump says he's firing Federal Reserve Governor Lisa CookSpeed Read The move is likely part of Trump's push to get the central bank to cut interest rates
-
Abrego released from jail, faces Uganda deportationSpeed Read The wrongly deported Kilmar Abrego García is expected to be detained at an ICE check-in and deported to Uganda
