President Trump blasted the Federal Reserve Monday, saying it was the biggest problem with the economy after it raised interest rates last week.
On Wednesday, the Federal Reserve raised the interest rate to 2.5 percent, a move that Mr. Trump repeatedly admonished on Twitter in the days leading up to it.
Federal Reserve Chairman Jerome Powell has often been in the president’s crosshairs, a tension that Mr. Trump’s new acting Chief of Staff Mick Mulvaney described as “traditional” in an interview Sunday.
Mr. Trump even reportedly looked into the legality of firing Mr. Powell in the past few days, according to a Bloomberg news report.
Mr. Mulvaney, speaking on ABC’s “This Week,” said the president “now realizes” he doesn’t have the legal authority to fire the independent Fed chairman.