During a New York press conference, President Trump said that unfortunately the Fed has just increased interest rates and that he was not happy about it because they were doing so well. He added that he would rather pay debt down or do other things like create jobs.
The benchmark interest rate was increased by 0.25% to 2.25% on Wednesday by the Fed. The agency also raised its expectations for growth in the economy for both this year and next.
Trump cited strength in the U.S. economy and an unemployment rate that continues to fall as reasons to raise rates, but suggested other ways existed to capitalize on an improving U.S. economy.
Trump is reportedly considering not-so traditional approaches to economic prosperity said the new book by Bob Woodward that was released in September.
According to the book, Trump told the National Economic Council’s former director Gary Cohn during a talk about the national debt to just print money, run the presses.
President Trump has criticized repeatedly Fed Chair Jay Powell’s decision to move rates higher. In one interview this past summer Trump said he was not happy with rate hikes by the Fed and reportedly told the donors attending a fundraiser that Powell was not the cheap money banker the president had hoped for.
The criticism from a sitting president is historically rare and taken on Wall Street and Capitol Hill as an offense on the independence of the central bank from political pressure.
It is expected that the Fed could raise rates one more time before the end of 2018 when the agency meets in December. That will likely cause another round of criticism from President Trump if it takes place like most economists feel it will.