Listen to this articleThe U.S President Donald Trump has denounced the Federal Reserve for Killer policies. Trump said their policies have stifled economic growth, as he seeks the confirmation of 2 unusual nominees to its financial board. Donald Trump claimed the stock market would be up 5,000 to 10,000 points. The gross domestic product growth would reach at a full percentage point higher without inflation if only the U.S had taken a different financial approach. On Sunday morning, the U.S president tweeted, “If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been well over 4% instead of 3% with almost no inflation. Quantitative tightening was a killer, should have done the exact opposite”.
The comments of Trump come as he seeks to reshape the board, which he has criticized formerly for rate hikes. His actions could have a dramatic impact on his re-election prospects. The president recently announced that he would like to see conservative pundit Stephen Moore and former pizza chain executive Herman Cain on the board. The choices have been interpreted as Trump is looking a more pliant board overseeing the Central Bank of America. Moore is known as a supporter of the president and advised him on his 2016 campaign. He also advised Cain on his 2012 campaign for president. Both men have said they think the United States should return to the gold standard. It will make more difficult for the Fed to adjust interest rates.
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