Trump Calls Fed Reserve Chair Powell An ‘Enemy’

WASHINGTON, DC - SEPTEMBER 26:  Federal Reserve Board Chairman Jerome Powell speaks during a news conference on September 26, 2018 in Washington, DC.  The Fed raised short-term interest rates by a quarter percentage point as expected today, with market watchers expecting one more increase this year and three more in 2019.  (Photo by Mark Wilson/Getty Images)
WASHINGTON, DC - SEPTEMBER 26: Federal Reserve Board Chairman Jerome Powell speaks during a news conference on September 26, 2018 in Washington, DC. The Fed raised short-term interest rates by a quarter percentage ... WASHINGTON, DC - SEPTEMBER 26: Federal Reserve Board Chairman Jerome Powell speaks during a news conference on September 26, 2018 in Washington, DC. The Fed raised short-term interest rates by a quarter percentage point as expected today, with market watchers expecting one more increase this year and three more in 2019. (Photo by Mark Wilson/Getty Images) MORE LESS
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August 23, 2019 11:14 a.m.
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President Trump escalated his attacks on Federal Reserve Chair Jerome Powell, whom Trump appointed, in a tweet that labeled Powell as an “enemy” in his ongoing trade war.

Trump’s tweet came after Powell made remarks suggesting that the Federal Reserve was limited in its ability to counteract the effects of Trump’s trade actions.

“While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rule book for international trade,” Powell said, speaking at a symposium in Jackson, Wyoming, according to the New York Times. 

For months, Trump has called on Powell to cut interest rates — a pressure campaign that has blown past the norms of independence for the Federal Reserve.

In his remarks Friday, Powell suggested that future rate cuts are still on the table, but gave no clear indications of when they could happen.

Trump continued to defend his trade policy on Twitter. He also ordered that companies stop doing business with China.

His tirade comes as the White House has reportedly grown internally anxious about the potential for a recession.

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