Republican presidential candidate and former President Donald Trump. Anna Moneymaker/Getty Images
Republican presidential candidate Donald Trump told reporters he wanted a say in setting interest rates.
Trump said he had “made a lot of money” and had a better instinct than the Fed.
Trump has been critical of the performance of the Fed and Jerome Powell, whom he appointed.
This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and reviewed by a real editor.
Former President Donald Trump believes the president should have a say in setting interest rates. “I believe the president should at least have a say,” Trump said Thursday at a press conference at his Mar-a-Lago residence in Florida.
“I think in my case I’ve made a lot of money, been very successful and I think I have better instincts than in many cases the people who are in the Federal Reserve or the chairman,” he added. Trump has been critical of the Fed’s independence in the past, particularly chairman Jerome Powell, whom he appointed in 2018.
Trump’s staff are said to have already worked on a plan
In Thursday’s press conference, Trump also said he believes the Fed made a mistake regarding the timing of interest rate hikes.
“The Federal Reserve is a very interesting thing. They have been wrong a lot, and he tends to decide things a little bit late. He comes a little bit early and a little bit late,” Trump said of Powell and the bank’s interest rate-setting strategy.
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Trump has long called for greater executive involvement in the Fed, and his allies are working to make that happen if he wins in November. Earlier this year, aides to the former president are said to have worked on a plan that included proposals for policy changes, including giving the President more control over setting interest rates.
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