President Donald Trump aimed at the Federal Reserve and criticized it twice on Friday, July 5, saying the U.S. economy would have a chance to rocket if the Federal Reserve were to cut interest rates.
Speaking to reporters at the White House on Friday morning, the president hailed the job report, which provides evidence that the largest economy is growing in all the right ways.
“We have great numbers this morning, I think it was 224,000 jobs. Those were really unexpectedly good and our country continues to do very well, so we’re really happy about it,” he said.
A report released by the Labor Department earlier in the day showed the economy added a net 224,000 jobs in June, wage growth remains at above 3% year over year for the 11th month in a row, and the unemployment rate stayed low at 3.7 percent.
Though President Trump praised the job numbers, he expected more, telling reporters, “I think we’re going to break records if we had a Fed that would lower interest rates,” and the economy “would be like a rocket ship.”
He said his administration is paying a lot of interest and it is unnecessary.
“But if we had a Fed that would lower rates, you would have a rocket ship,” President Trump repeated.
Comparing his administration’s performance to former President Barrack Obama, which enjoyed close to zero interest rates from Fed, President Trump said, “I’m paying real interest and yet our economy is much better than it’s ever been from Election Day, we’re over 50% increase.”
On Friday evening, President Trump moved to Twitter to chide the central bank, saying it is the most difficult problem to deal with.
“They raised rates too soon, too often, & tightened, while others did just the opposite,” Trump wrote in a tweet. “As well as we are doing from the day after the great Election, when the Market shot right up, it could have been even better – massive additional wealth would have been created, & used very well. Our most difficult problem is not our competitors, it is the Federal Reserve!”
Strong jobs report, low inflation, and other countries around the world doing anything possible to take advantage of the United States, knowing that our Federal Reserve doesn’t have a clue! They raised rates too soon, too often, & tightened, while others did just the opposite….
— Donald J. Trump (@realDonaldTrump) July 6, 2019