Donald Trump continued his attacks on his Federal Reserve on Wednesday, saying that the central bank is “mentally” unfit to keep up with the global economy. According to Fox News, the president criticized the Fed after returning from the G7 summit in yet another tweet, continuing his week-long tirade that started when news of the economy slowing began to trickle in.
“Our Federal Reserve cannot ‘mentally’ keep up with the competition – other countries. At the G-7 in France, all of the other Leaders were giddy about how low their Interest Costs have gone,” he tweeted. Germany is actually ‘getting paid’ to borrow money – ZERO INTEREST PLUS! No Clue Fed!”
The tweet comes from reports that the German government sold 30-year bonds that pay zero interest, but bidders purchased them at more than face value, which means that the yield is actually negative on the bonds.
This follows a tweet from Tuesday morning in which the president claimed that the Fed had been doing a poor job.
“The Federal Reserve loves watching our manufacturers struggle with their exports to the benefit of other parts of the world,” he wrote. “Has anyone looked at what almost all other countries are doing to take advantage of the good old USA? Our Fed has been calling it wrong for too long!”
Trump has been pushing the Federal Reserve to cut interest rates as more indicators surface pointing to a coming recession. Many blame Trump’s trade war with China for causing uncertainty in the market and raising the price of goods for consumers, but the president has pointed the blame at Democrats, the media, and his hand-picked Fed chairman Jerome Powell for the slowing economy, according to Politico.
President Donald Trump again ripped into Federal Reserve Chairman Jerome Powell on Friday, questioning whether he is a “bigger enemy” to the United States than Chinese President Xi Jinping. https://t.co/knMbudIUM8 pic.twitter.com/Cwc7nG3Mtl— CNBC (@CNBC) August 23, 2019
There were no reports of other world leaders expressing excitement to Trump over their interest costs, though this is isn’t the first time that the president has suggested that world leaders have spoke with him in confidence about issues that he champions. On Saturday, he tweeted that the question he’d been asked the most at the G7 conference by other leaders – without evidence for his claim – was why the media hates America and wants it to fail.
The president’s criticism of the Fed comes as reports show that more voters see the economy getting worse under Trump, rather than improving. According to The Hill, a new poll shows that 37 percent of people polled think the economy is getting worse – up 14 percent from a similar poll in June.