Donald Trump took to Twitter to criticize the Federal Reserve this morning while also providing hope that the U.S. would soon have both a vaccine and therapy for COVID-19.
"The Federal Reserve is wrong so often. I see the numbers also, and do MUCH better than they do. We will have a very good Third Quarter, a great Fourth Quarter, and one of our best ever years in 2021. We will also soon have a Vaccine & Therapeutics/Cure. That's my opinion. WATCH!" he tweeted.
The president's tweet received a lot of attention on the popular social media platform. Almost 82,000 Twitter accounts hit the like button while at least 22,000 retweeted Trump's thoughts on the Federal Reserve.
Many of those who replied pointed out Trump's history of bankruptcies as a businessman while others noted that the Federal Reserve should be independent of the White House. Others took the opportunity to mention other times when Trump's opinions about the novel coronavirus disappearing in April turned out to be wrong.
"Just a week ago he was doing a victory lap on the economy... it takes a downturn, and he immediately blames someone else," read a reply.A few who responded to the president's tweet thought that instead of criticizing it, he should be thanking them for keeping interest rates low and putting money into the market.
"You should be thanking the Feds. They've been pumping LOTS of tax dollars into the Stock Market to keep it afloat & looking good. For you. It doesn't reflect the reality," wrote one account.
Trump's criticism of the Federal Reserve came after the Dow plunged 1,500 points after it warned about the second wave of COVID-19, Business Insider reported. On Wednesday, the Fed Chair Jerome Powell made comments that the economic damage from the coronavirus pandemic could be permanent. Powell cautioned that there is a long road to travel before a full recovery.
Meanwhile, Texas, Florida, Arizona, and California all reported increasing cases and hospitalizations of those ill with COVID-19, which further increased concerns. Powell noted that the pandemic would likely determine the economy in the near term.
According to CNN, Powell indicated that he was not considering raising the interest rates anytime soon. The plan is to keep interest rates where they are until 2022, at least, and it will also continue to put money into the market by buying bonds.
So far, the Fed has not moved to negative interest rates, even though that is what other central banks throughout the world are doing. Despite the continued low interest rates and bond-buying, it appears as if investors felt that Powell's outlook was pessimistic.
The president did not seem to like the falling stock market numbers.