Responding to big losses on Wall Street, President Trump said Thursday that he understands the economy better than the Federal Reserve.
“I think I know about it better than they do,” Mr. Trump said, again criticizing Fed interest-rate hikes. “I think the Fed is far too stringent, and they’re making a mistake, and it’s not right.”
Asked about Fed Chairman Jerome Powell, Mr. Trump said, “I’m not going to fire him.”
“I think the Fed is out of control. I think what they’re doing is wrong,” Mr. Trump said.
He said the stock-market drop is “a correction that I think is caused by the Federal Reserve with interest rates.”
“We’re still up 40 percent,” he said of the rise in equity markets since his election.