Trump understands Fed independence but wants strong economy: White House official

The Trump administration is doubling down on the president’s disapproval of the Federal Reserve, a day after he criticized the Fed chairman he appointed, White House Deputy Press Secretary Hogan Gidley said Tuesday.

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Trump, not happy with Jerome Powell for raising interest rates at what the president thinks is too fast a pace, told Reuters on Monday that he is “not thrilled” with the Fed chairman. He added that the United States was not getting support from the Fed during trade talks while other countries’ economies are “accommodated” by their central banks.

While past presidents have historically steered clear of criticizing the Fed, because its independence has been seen as important for economic stability, Gidley said  Trump recognizes the Fed’s independence but wants nothing to “stand in the way of an incredible booming economy.”

“I think that’s a little bit overblown, some of the commentary I’ve seen,” Gidley told FOX Business’ Maria Bartiromo on Tuesday. “The president understands and has said many times that the Fed is independent, but he wants a strong American economy.”

Gidley said the administration’s pro-growth policies created millions of jobs and boosted gross domestic product (GDP), unlike what his predecessor did.

“The policies he has put into place ... made the economy go from something that was stagnant, at 1.9 percent GDP growth, which was the “new normal” under the Obama administration, and now were hovering over 4.1 percent for that 3 percent average, which is something Barack Obama never saw consistently,” he added. “And he wants the entities within the government to support the strong economy,” he explained.