Federal Reserve Chairman Jerome Powell has come under increasing pressure from President Donald Trump over the central bank’s gradual increase of interest rates. Trump has said the hikes will stifle the economy’s growth. Powell hasn’t publicly responded.
Here’s a timeline of key events and comments:
Dec. 11
Trump told Reuters “I think it would be foolish” for the Fed to raise interest rates. “But what can I say?” he said. “You have to understand, we’re fighting some trade battles and we’re winning. But I need accommodation too.”
He called Powell a “good man,” but added that “he’s trying to do what he thinks is best. I disagree with him I think he’s being too aggressive, far too aggressive, actually far too aggressive.”
Nov. 27
Trump told the Washington Post he’s “not even a little bit happy with my selection of Jay.” On what threatens the U.S. economy, Trump added, “I think the Fed is a much bigger problem than China."
“I’m doing deals and I’m not being accommodated by the Fed,” the president said. “They’re making a mistake because I have a gut and my gut tells me more sometimes than anybody else’s brain can ever tell me.”
Nov. 26
In an interview with the Wall Street Journal, Trump said “I think the Fed right now is a much bigger problem than China. I think it’s -- I think it’s incorrect what they’re doing. I don’t like what they’re doing. I don’t like the $50 billion. I don’t like what they’re doing in terms of interest rates. And they’re not being accommodative at all. And I’m doing trade deals, and they’re great trade deals, but the Fed is not helping.”