Trump Trashes 'Too Late' Jerome Powell Before Federal Reserve's Press Briefing

Forbes Breaking News

Speaking to reporters at the White House, President Trump slammed Fed Chair Jerome Powell.

Transcript

00:00Okay, questions?

00:03Mr. President, you said that higher interest rates are making it harder for veterans to refinance.

00:09There's a stronger-than-expected GDP report this morning.

00:12What do you say to analysts who worry that lowering interest rates would actually lead to inflation?

00:18Well, if that happens, then we just raise them.

00:20What you do is you lower them, and let's see if there's inflation.

00:23Right now, there's no inflation.

00:24Everybody thought there would be.

00:25All we have is billions of dollars of cash pouring into our country from other countries that took advantage of us for many, many years.

00:34You know, they were taken advantage of.

00:35We were like the stupid people that didn't know what they were doing.

00:39They took advantage of us.

00:40Other countries, friend and foe.

00:43And, by the way, the friend was oftentimes much worse than the foe when it comes to trade.

00:48So if that happens, what you do is you raise your rates and you do what you have to do to stop inflation.

00:53But we're keeping the rates high, and it's hurting people from buying houses.

00:59And we don't want that if for any reason that happened in a year or two, if there's some signs of inflation coming back.

01:05Right now, there's not.

01:06We have a great thing going.

01:08I think we're going to have the richest economy you've ever seen.

01:11We have money coming in that we've never even thought about at numbers that nobody's ever seen before.

01:17We have a deal with Japan where they're going to pay us $550 billion.

01:22We have a deal with Europe where they're doing $750 billion plus $400 billion plus $300 billion.

01:29And many other countries, it's likewise, you know, relatively.

01:32Those are two big ones, but likewise.

01:35So we have a lot of money coming in, and we have no inflation, and we're very strong, and we should be lowering the rates.

01:43You know, each point that this gentleman keeps up costs us $365 billion a year.

01:52Think of that.

01:53One point.

01:55$365 billion.

01:55If you bring it down a point, we save $365.

02:00We should be the lowest interest rate, and we're not.

02:03We're 38, number 38, because of the Fed.

02:06It's all because of the Fed.

02:09He's done a bad job.

02:11Now, he's got a meeting today, but I call him too late.

02:15You know, he's always too late.

02:16Even if he does it today, probably won't.

02:18I hear they're going to do it in September, not today.

02:21For what reason, nobody knows.

02:24But Europe, as you know, cut their rates 11 times in the last short period of time.

02:32But the good news is we're doing better than anybody anywhere in the world.

02:36Nobody's doing anything even close to us, even with the higher rates.

02:39The higher rates do affect housing, though, because people can't go out and get a loan or refinance their house.

02:44And it would be nice to have them be able to do that.

02:46That would be just another check of a box that would be very important.

02:51Yeah, please.

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