What to Know
- President Trump criticizes the Fed's monetary policy again on social media Friday, a day after his initial negative remarks on CNBC
- "The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done," he tweeted
President Donald Trump criticized the Federal Reserve's monetary policy again.
"The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates - Really?" Trump said Friday on social media.
Trump's latest comments come a day after his initial critical remarks about the Fed were revealed Thursday on CNBC. In a stinging and historically rare rebuke, Trump expressed frustration with Fed policy in the exclusive interview.
“I’m not thrilled,” he told CNBC's Joe Kernen in the interview that aired in full Friday. “Because we go up and every time you go up they want to raise rates again. I don't really — I am not happy about it. But at the same time I’m letting them do what they feel is best.”
Fed officials, including Chairman Jerome Powell, have raised interest rates twice this year and have pointed to two more before the end of 2018. The Fed did not comment on the president's remarks Thursday.
After Trump’s criticism of the central bank aired on Thursday, the White House sent a statement to clarify the president’s remarks.
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"Of course the President respects the independence of the Fed. As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions," the statement said. “The President’s views on interest rates are well known and his comments today are a reiteration of those long held positions, and public comments."
But then Trump hit the Fed again on Friday in the tweet.
Later Friday, a White House official told CNBC that Trump is worried the fed will raise interest rates two more times this year.
The U.S. dollar fell and stock futures declined slightly as the president doubled down on his criticism of the central bank.
Earlier in his series of tweets, Trump also said multiple nations are manipulating currencies to the detriment of the U.S.
"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge. As usual, not a level playing field...," he said on Twitter.
— CNBC's Jeff Cox contributed to this report.
This story first appeared on CNBC.com. Here is more from CNBC:
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