President Trump called the Fed his "biggest threat" in a new round of criticisms levied at central bank Tuesday, suggesting that the Fed's recent interest rate hikes are not warranted and could hurt the economy.
"My biggest threat is the Fed, because the Fed is raising rates too fast," Trump said in an interview on Fox Business.
Trump has repeatedly criticized the Fed in recent weeks as the stock market has suffered turbulence, seeking to place blame with the independent central bank.
In Tuesday's interview, Trump said that he was disappointed with the Fed chairman he appointed, Jerome Powell, but also maintained that he is not infringing on the Fed's independence by criticizing him and it. Trump's outspoken monetary policy commentary has unnerved some Fed watchers, as recent presidents have set a protocol that White House officials avoid commenting on Fed affairs.
"It’s independent so I don’t speak to him, but I’m not happy with what he’s doing, because it’s going too fast," Trump said.
He also said that he isn't "so happy" with the other two members of the Fed's Board of Governors he appointed, Vice Chairman Richard Clarida and Vice Chairman for Supervision Randal Quarles, although he did not mention them by name.
Trump noted that inflation has been modest, suggesting that there is not a need for the Fed to raise interest rates to keep prices in check.
The Fed has implemented three quarter-percentage-point rate hikes this year, and hinted at further gradual rate hikes in the future, in order to keep pace with the growing economy and undo the stimulus measures put in place during the recession.
Clarida and Quarles have joined Powell in voting for those increases.