President Donald Trump blasted the Federal Reserve on Monday, describing it as the “only problem” for the U.S. economy, as top officials discussed a rout in stock markets caused in part by the president’s attacks on the central bank.
Stocks fell again at the open on Monday amid concern about slowing economic growth, the government shutdown and reports that Trump had discussed firing Federal Reserve Chairman Jerome Powell.
U.S. stocks have dropped sharply in recent weeks on concerns over weaker economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression.
In a tweet that did nothing to ease market concerns about the Fed’s cherished independence, Trump laid the blame for economic headwinds firmly at the feet of the central bank.
“The only problem our economy has is the Fed. They don’t have a feel for the market,” Trump said on Twitter. “The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!
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