Trump Complains Powell Hasn’t Been Cheap-Money Fed Chair
- President laments interest rate increases at GOP fundraiser
- Trump accuses China, EU of currency manipulation in interview
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President Donald Trump said he expected Jerome Powell to be a cheap-money Fed chairman and lamented to wealthy Republican donors at a Hamptons fundraiser on Friday that his nominee instead had raised interest rates, according to three people present.
The Federal Reserve has raised rates five times since Trump took office, including twice this year under Powell. The president nominates the Fed’s chairman and other governors in Washington, but the agency is independent and has historically frustrated presidents by raising borrowing costs without regard for politics.