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Larry Kudlow, Economic Counselor at the White House. (Michael Reynolds / EPA-EFE / REX / Shutterstock)
Felicia Sonmez
National Journalist in the Washington Post Political Press Team
White House chief economics chief Larry Kudlow on Sunday defended President Trump for claiming the Federal Reserve had "gone mad," saying the president was not saying what to do at the central bank, but simply saying that He felt that interest rates were also rising. quickly.
In an appearance in "Fox News Sunday," Kudlow said that "as a successful businessman and investor," Trump was aware of economic issues and "gave his opinion" on interest rates.
"He fears that the Fed is acting too fast and is stifling the economic recovery, which is currently between 3 and 4%," said Kudlow. "It does not encroach on the independence of the Fed. He did not say, "I want you to change your plan."
Presidents and their advisors traditionally refrain from commenting directly on Fed policy. Yet last week, Trump expressed growing dissatisfaction with Federal Reserve Chairman Jerome H. Powell and blamed the central bank for the recent stock market plunge.
On Wednesday, Trump told reporters before a rally in Erie, Pennsylvania: "I think the Fed has gone crazy." In an interview with Fox News Channel on the same day, he described the Federal Reserve as "deflating". . On Thursday, he said the central bank was "out of control" and "was getting a little too cute".
"I'd like our Fed not to be as aggressive as I think it's making a big mistake," Trump said in an interview with "Fox & Friends." His comments contrast sharply with a statement on Wednesday. the White House reacted more decisively to the fall of the stock market.
Kudlow said Sunday that Trump's public remarks did not mean the president was telling the Fed what steps to take.
"It respects the independence of the Fed," said Kudlow. "And again, what the chair is raising here on the issue of the interest rate schedule and so on, a lot of people are discussing it. … He's just weighing. There is nothing wrong with him getting involved in the situation.
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