President Donald Trump on Tuesday shared a quote from a financial expert who accused Federal Reserve Chair Jerome Powell of “dragging his feet” with interest rates.
Powell has been a target of criticism for Trump, who for months has called on the chair to lower interest rates.
AmeriVet Securities’ head of U.S. rates Greg Faranello commented on Powell during an appearance on Fox News.
“‘Chair Powell was late to raise rates, they need to come down here, there’s no question about it. He’s dragging his feet. The Fed’s going to come down here 50, 75, maybe 100.’ Greg Faranello, American Securities on Maria B.” Trump wrote Tuesday morning on Truth Social.
The president began his post with a comment from Infrastructure Capital Advisors’ founder and CEO Jay Hatfield.
“‘If the Fed had followed what we published, they would have raised rates in early 2021. The entire Organization is broken. It needs to be fixed. They need to use modern sources of information. We strongly disagree with Ken Griffin. We think Incompetence is more important than to defend theoretical independence,” Trump quoted.
“‘He (‘Too Late!’) has done a terrible job since he adapted a two target? It’s too low, it’s too rigid, they followed Data that’s years delayed. They don’t believe that money supply matters, it’s like the Pope not believing in Jesus. We think that’s a much bigger problem than this notion that they are dependent, or they’re not independent.’ Jay Hatfield Infrastructure Capital Advisors, CEO & CIO, on Maria B,” wrote Trump.
Griffin, Citadel CEO, wrote a Wall Street Journal opinion column with Chicago Booth Business School professor Anil Kashyap claiming Trump’s criticism of the Federal Reserve risked undermining its independence, which could boost inflation and increase borrowing costs for the government.
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