This time, the president cited a strong dollar and inflation as reasons to curb further rate hikes.
It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!
— Donald J. Trump (@realDonaldTrump) December 17, 2018
Rate hikes have been anathema to President Trump, and with the stock markets in the red as of late even after a historic bull run that saw companies like Apple and Amazon cross $1 trillion in market capitalization, the president has been quick to deride the Fed whenever the markets react negatively.
Since taking office, President Trump has been flicking jabs at Fed Chair Jerome Powell for raising interest rates–the same man he nominated for the position. Since January 2017 when President Trump took office, the Federal Reserve has now hiked interest rates seven times versus just once during former president Barack Obama’s tenure.
“If I were running Trump’s re-election campaign, Jay Powell would be my worst nightmare,” said Cramer.
“They must have no sense or empathy for what’s about to happen to the working person in this country,” Cramer added.
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