During a Thursday press conference at his Mar-a-Lago residence, former President Donald Trump expressed his belief that the president should have a say in setting interest rates, challenging the Federal Reserve’s traditional independence. Trump argued that his business success and instincts would make him better suited than some Federal Reserve officials, including Fed Chair Jerome Powell, whom Trump appointed in 2018.
“I think that in my case, 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,” Trump stated. He has been critical of the Fed’s timing in rate decisions, suggesting that Powell often acts “a little bit too early and a little bit too late.”
Trump’s comments reflect his long-standing desire for more executive branch involvement in the Federal Reserve. Allies of Trump are reportedly working on policy proposals to grant the president more control over interest rate decisions should Trump win the presidency in 2024.
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