Investors worried about rising global interest rates may get some reprieve.
In criticism that will be welcomed by the Australian property market, US President Donald Trump is adamant that interest rates are too high.
Trump has kept up his criticism of Federal Reserve Chairman Jerome Powell. He says that some of the Fed’s policies and their continuation of raising interest rates were harming the US economy.
Trump believes the Fed is ‘way off’
Trump picked Powell in 2017 to lead the Fed, but the Washington Post has revealed that Trump said in an interview:
‘So far, I’m not even a little bit happy with my selection of Jay…
‘Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.’
Recently, the president has continually denounced the Fed boss and the Fed’s decision to increase interest rates. Trump claims that Powell was making it expensive for his administration to finance its mounting deficits, RAW reports. In his criticism of the Fed, Trump has also referred to the central bank as ‘crazy’ and ‘ridiculous.’
On Tuesday, Trump told the Post:
‘I’m doing deals, and I’m not being accommodated by the Fed…
‘They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me.’
PS: Tired of paying more tax, year after year and decade after decade? Find out what you could do to help stop Australia’s already-crushing tax burden blowing out even further this year. Click here to download our latest research report free.