Trump Faults Fed for High Rates, Takes Aim On JPMorgan’s CEO Jamie Dimon

US President Donald Trump is once again calling for Federal Reserve Chair Jerome Powell to lower interest rates after the latest inflation data.

The released consumer price index (CPI) data for December showed that headline inflation rose 2.7% year over year, while core CPI rose 2.6%.

Even though inflation remains above the Fed’s 2% long-run target, the president said he thinks it is low enough to justify cutting interest rates and reiterated his calls for Powell to lower them.

During his speech in Detroit, Trump said that mortgage rates are declining and “that’s not with the help of the Fed.”

Trump describes Fed chair Jerome Powell as “a real stiff” and says he wants to go back to “the old-fashioned way” of economics.

“That’s the right way. Today, if you announce great numbers, they raise interest rates to try and kill it, so you can never really have the kind of rally you should have,” he says.

He forecasts that “we’re going to have a lot of great months, a lot of great quarters” and adds that he wants the market “to go up”.

Trump says he wants someone to lead the Fed who “when the market is doing great, interest rates can go down.”

Trump Says JPMorgan’s CEO Jamie Dimon ‘Wrong’ To Criticize DOJ

US President Donald Trump dismissed Jamie Dimon’s criticism over the Justice Department probe into the Fed, saying the JPMorgan Chase & Co chief executive officer was “wrong” to suggest he was undermining the independence of the central bank.

“I think it’s fine what I am doing,” Trump said. “And we have a bad Fed person.”

Trump said he thinks JPMorgan Chase CEO Jamie Dimon is wrong in saying it’s not a great idea to chip away at the Federal Reserve’s independence by going after Chair Jerome Powell.

“We should have lower rates. Jamie Dimon probably wants higher rates. Maybe he makes more money that way,” Trump said.

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