Friday, President Trump hammered Fed Chairman Powell for not lowering interest rates, asking “where did I find this guy,” in a Tweet.
President Trump was responding to Jim Cramer, who said Friday that Mr. Powell should acknowledge that he should not have raised rates last year.
“Why can’t the Fed chief say, ‘You know what? I was wrong,’” Mr. Cramer said. “It turns out there’s a once-in-a-lifetime opportunity … to be able to make it so the Chinese have to play fair,” he said. “Look, sometimes what you have to do is you say you’re wrong. I have said, for instance, I’m wrong on certain stocks.”
President Trump tweeted: “I agree with [Cramer], the Fed should lower rates. They were WAY too early to raise, and Way too late to cut – and big dose quantitative tightening didn’t exactly help either. Where did I find this guy Jerome? Oh well, you can’t win them all!”
“The Fed chair should be bullied by the bond market. And the bond market is saying, ‘Whoa, are you wrong Jay.’ The big guy says, ‘I’ve been wrong. I got to make changes,’” Mr. Cramer added.
He also urged President Trump to go easier on the Fed Chairman, saying, “I just don’t want Powell to be intransigent and wrong repeatedly in order to spite the President of the United States.”
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