On Tuesday, President Trump addressed the Economic Club of New York to speak about the booming economy he has created during his time in office, touting low unemployment numbers and soaring stock markets.
Trump said jokingly, “most of you wouldn’t know these numbers because most of you aren’t very active in the market, but since my election, the S&P 500 is up over 45%, the Dow Jones is up over 50%, and the NASDAQ is up 60%, slightly more.”
Trump then began to roast the Federal Reserve Board of Governors for their inability to work with him on the economy, saying, “If we had a Federal Reserve that worked with us, you would have added another 25% to each one of those numbers, I guarantee you that. That doesn’t happen.” Trump paused and said, “but we all make mistakes, don’t we? Not too often, we do make ‘em on occasion.”
President Trump has had a long feud with the Federal Reserve Board of Governors, including Chairman Jay Powell. Recently, after the board made the decision to cut its key lending rate by a quarter of a percentage point (to a range of 1.75 percent to 2 percent), President Trump let them have it in a tweet:
Trump said “We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great.”
President Trump’s remark comes as the Federal Reserve Board’s need for action becomes much more critical on America’s standing, especially regarding the economy, which has, in fact, boomed under President Trump. The board made up of four Republicans and one Democrat (a holdover from the Obama Administration), seem not to be living up to President Trump’s expectations.