President Trump says the GDP would have hit 4 percent had the Federal Reserve stopped raising interest rates sooner.
President Trump told Fox Business Network anchor Maria Bartiromo that the U.S. economy would have grown at a faster clip if the Federal Reserve had put the brakes on interest rate increase. But economists say the 4 percent growth he projected is doubtful.
The comments come just days after the Federal Reserve signaled it would not be raising rates again this year. The president has been critical of Fed Chairman Jerome H. Powell for the central bank’s gradual raising of interest rates — it did so four times last year. The president was reportedly so frustrated with his appointee that he asked internal and external advisers late last year whether he could fire Powell.
The economy last year received a big boost from the largest corporate tax cut in U.S. history, as well as additional government spending on military and domestic programs. But that stimulus is widely expected to wear off later this year. Phillip Swagel, an economics professor at the University of Maryland, said the U.S. economy would have grown faster had Trump had not initiated a trade war with China.The president has made the economy, unemployment and stock market performance the bedrock of his administration. He has consistently touted the markets as a measure of his success, and has criticized Powell on many occasions for being too aggressive in his rate hikes.
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