Trump: Dow could be 10,000 points higher if not for the Fed

President Trump again wagged his finger at the Federal Reserve Sunday, telling reporters that the Dow could be “5,000 to 10,000 points higher” if those at the central bank knew what they were doing.

“If the Fed knew what it was doing, they would lower rates and they would stop quantitative tightening,” Trump said, referring to the Fed’s decision to start reversing the stimulus it put in place after the 2008 financial crisis.

Trump briefly chatted with journalists before boarding Air Force One back to Washington late Sunday afternoon. His comments served as a bookend to the ones he made in tweets Friday night as he was settling into a weekend at his Bedminster, N.J. resort, when he blasted the Federal Reserve for being the country’s “most difficult problem.”

“Strong jobs report, low inflation, and other countries around the world doing anything possible to take advantage of the United States, knowing that our Federal Reserve doesn’t have a clue!” Trump tweeted. “They raised rates too soon, too often, & tightened, while others did just the opposite.”

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“As well as we are doing from the day after the great Election, when the Market shot right up, it could have been even better – massive additional wealth would have been created, & used very well,” he continued. “Our most difficult problem is not our competitors, it is the Federal Reserve!”

Last week, Trump announced two new picks for the Federal Reserve board after his initial choices, Herman Cain and Stephen Moore, didn’t work out. Trump chose Christopher Waller, the executive vice president of the Federal Reserve Bank of St. Louis and Judy Shelton, an economic adviser to Trump’s 2016 campaign.

Moore gave Shelton high marks during an appearance on “The Cats Roundtable” radio show Sunday on AM 970 New York. “She’s one of the world’s experts on monetary policy. She thinks like … the president does – that the Fed has been way too tight,” Moore said. “Incidentally, this is the other reason why I think we’ve seen a slight slowdown in the growth of the economy, is because the Fed is strangling growth with a tightening of the money supply. Judy, I think is going to be a breath of fresh air.”

The chairman of the Federal Reserve, Jerome Powell, was nominated to the position by Trump in 2017.

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