The president is annoyed over the Fed’s decision to raise its short-term rate four times this year in a bid to prevent the economy from overheating. President Trump wrote on Twitter: “The only problem our economy has is the Fed. They don’t have a feel for the market. “The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!”Fed chairman Jerome Powell has said the rate hikes are evidence of the strength of the US economy.
President Trump has also considered firing the Fed Chair Jerome Powell due to his frustration with stock market losses recently.
The US Treasury Department revealed the Trump administration arranged a phone call on Monday with the top US regulators to discuss financial markets.
The Treasury Secretary Steven Mnuchin was due to host a a call with the president’s Working Group on Financial Markets, known as “Plunge Protection team”.
Mnuchin also made calls to top bankers in the country to get assurances that the banks would still be able to make loans.
More to follow…