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Trump says Fed 'out of control' but won't fire Powell

AFP  |  Washington 

renewed his attacks on the on Thursday, saying it was "out of control" in raising interest rates but that he had no plans to dismiss Federal Reserve

Trump blamed the Federal Reserve for the global stocks rout that continued Thursday for a second day amid concerns about rising interest rates.

"It is a correction that I think it is caused by the Federal Reserve, with interest rates," Trump told reporters at the "I think the Fed is out of control." However, asked about Powell's future, Trump said, "I'm not going to fire him." Trump named Powell to lead the central but can only fire him for cause.

Earlier in the day, Trump told the television broadcast that the central was "making a big mistake" by being "too aggressive" in raising rates.

However, he acknowledged higher rates helped savers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 12 2018. 02:45 IST