President Donald Trump predicted that the United States economy could have grown by nearly 4% and a key stock market index could have been 10,000 points higher if the Federal Reserve had not made a big mistake.

During an interview with CNBC from the World Economic Forum in Switzerland on Wednesday, Jan. 22, President Trump said the Fed’s quick interest rate hikes had a lingering effect on the U.S. economy and stock market.

“Now, with all of that, had we not done the big raise on interest, I think we would have been close to 4%,” President Trump said of U.S. economic growth.

“And I—I could see 5,000 to 10,000 points more on the Dow,” the president said of the Dow Jones Industrial Average. “But that was a killer when they raised the rate. It was just a big mistake.”

The Fed raised interest rates four times in 2018 before cutting them three times in 2019.

President Trump has repeatedly criticized the Fed and its chairman Jerome Powell for raising rates too quickly, which he said “should not have happened.”

According to the latest estimate by the Bureau of Economic Analysis, U.S. real gross domestic product (GDP) increased 2.1% in the third quarter of 2019, after rising 2.0% in the second quarter.

After upbeat manufacturing and trade data was released earlier this month, the U.S economy is expected to grow more than 2% in the fourth quarter. That would represent a slowdown from the 2.9% increase in 2018, but 2% growth would still suggest the decade-old expansion is set to continue into this pivotal election year.

On Tuesday, White House economic adviser Larry Kudlow predicted U.S. GDP will see 3% growth in 2020.

“This is a long cycle, and what you’ve got here in the Trump years is essentially a mini upcycle,” Kudlow said in an interview with CNBC. “You’ve gone from 1.5% to 2% growth. We had it going at almost 4%, then the Fed tightened.”