Trump reaches the US Federal Reserve as the "most difficult problem" facing the United States

President TrumpDonald John TrumpThe Democratic Party is making an irreversible left turn. Undocumented immigrants fired from Trump golf clubs looking for meeting at Trump White House denounces Biden as a "recovery project" that will not win in 2020 MORE Saturday addressed the US Federal Reserve, calling it the "most difficult problem" the US is facing and again blaming the independent central bank for raising interest rates.

"The jobs report, the low inflation and other countries of the world are doing everything in their power to take advantage of the United States, knowing that our Federal Reserve has no idea!" Said Trump Friday night. "They have raised rates too early, too often and have tightened, while others have done exactly the opposite.

"As well as we do from the day after the big election, when the market took off, it could have been even better: a huge additional wealth would have been created and used very well," he said. . "Our most difficult problem is not our competitors, it's the Federal Reserve!"

…. As we do from the day after the great election, when the market climbed, it could have been even better: an enormous additional wealth would have been created and very well used. Our most difficult problem is not our competitors, it's the Federal Reserve!

– Donald J. Trump (@realDonaldTrump) July 6, 2019

Trump's comments come a day after the June Jobs Report "unexpectedly good", according to which the economy has created about 224,000 additional jobs for the month.

Trump touted the report Friday while claiming that the economy would have surpassed previous highs had the Fed yielded to its desire to lower rates. The president argued that the Fed should lower interest rates to stimulate the economy and ease its trade struggles while inflation remains low.

"If we had a Fed that would lower interest rates, we would be like a rocket, but we pay a lot of interest and it is useless," he said Friday. "But we do not have a Fed that knows what it's doing, so it's one of those little things. But if we had a Fed that would lower the rates, you would have a spaceship. "

Trump has repeatedly criticized Fed Chairman Jerome Powell as head of the independent central bank, accusing his mandate of curbing economic growth through rate hikes.

The bank has increased its interest rates nine times since 2015 – seven times since 2017 and four times under Powell, who took over the presidency in 2018 after Trump's appointment to his post.

In an interview with The Hill, Trump said last month that he had the power to fire Powell "if I wanted to, but I do not intend to do anything ". But experts have criticized this claim, citing the Federal Reserve Act, says the president may withdraw the Fed president solely for "cause".

In October, Trump called the Fed "the biggest threat," adding that it "was raising rates too quickly."

The strength of the US economy is crucial for Trump's bid for a second term; Trump claimed that unemployment reached record levels as he intensified his campaign for reelection.