(AFP) – Donald Trump on Thursday voiced frustration at the independence of the Federal Reserve and suggested that the US president should have “at least a say” over the course of monetary policy. Trump, who is running against Kamala Harris in November’s presidential election, has frequently criticized the actions of Fed Chair Jerome Powell — whom he nominated to lead the independent US central bank — and suggested he may not look to renominate him once his current term expires in 2026.
The Fed has “sort of gotten it wrong a lot,” Trump told reporters Thursday during a press conference in Palm Beach, Florida. “I feel the president should have at least a say” about monetary policy, he said, adding he had “fought him very hard” on some occasions — an apparent reference to Powell.
“I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve, or the chairman,” he added. Congress has given the Fed a dual mandate to tackle inflation and unemployment through monetary policy, and the independence to set interest rates without input from politicians in the White House or on Capitol Hill.
Trump’s remarks follow a series of similar comments about Powell and the Fed in recent years that have highlighted his unhappiness with some of the decisions the bank has taken. He has previously accused Powell — without evidence — of displaying favoritism toward the Democratic party — something the Fed chair has repeatedly denied.
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