Trump administration asks investor for advice on stock markets
Trump celebrated a consistent rise for stocks during his first year in office. But markets have faltered this year amid a trade war with China, concerns about the Fed’s four interest rate hikes and fears about slowing global growth. As of Friday morning, stocks were on track for their worst December since 1931, with the S&P down about 10 percent.
Trump has tried to blame market carnage on the Fed. Before the plunge Monday, the president tweeted that “the only problem our economy has is the Fed.” He contended the U.S. central bank does not “have a feel for the Market.”
The tweet followed the Fed’s decision to raise the target range for its benchmark interest rate by a quarter point to 2.25 to 2.5 percent.
The Trump administration has denied that the president wants to fire Powell, the head of the independent central bank. It is unclear whether Trump even has the authority to remove the Fed chair.
— Imagala.com’s Jacob Pramuk contributed to this report
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