Trump hammers Federal Reserve, cites commentary from Fox Business

President Trump on Wednesday spent a portion of the day at his New Jersey golf club blasting the Federal Reserve as stocks took a dive amid signs of a potential recession.

The president sent three tweets over a 90-minute span in which he quoted multiple Fox Business Network personalities who echoed Trump’s criticisms of the central bank and defended Trump’s tariff policy toward China.

Trump expressed agreement with Mark Grant, a guest on Stuart Varney’s show who suggested the Federal Reserve should act to boost the U.S. economy.{mosads}

“Correct! The Federal Reserve acted far too quickly, and now is very, very late. Too bad, so much to gain on the upside!” Trump tweeted.

He later shared comments from Fox Business host Charles Payne, who criticized Federal Reserve Chairman Jerome Powell for his handling of the central bank.

“I agree (to put it mildly!)” Trump tweeted.

He also referenced a quote from Varney’s program which downplayed concerns over the ongoing trade war between the U.S. and China, arguing it had yet to negatively impact the American economy.

“The Fed has got to do something! The Fed is the Central Bank of the United States, not the Central Bank of the World.” Mark Grant @Varneyco Correct! The Federal Reserve acted far too quickly, and now is very, very late. Too bad, so much to gain on the upside!

— Donald J. Trump (@realDonaldTrump) August 14, 2019

“So far, you’ve had Tariffs imposed on 300 Billion Dollars worth of Chinese products, but you can’t tell me that it has hurt our economy…& it really hasn’t led to any kind of serious rise in prices at the consumer level.” @Varneyco @FoxBusiness And we are taking in $Billions!

— Donald J. Trump (@realDonaldTrump) August 14, 2019

The Great Charles Payne @cvpayne correctly stated that Fed Chair Jay Powell made TWO enormous mistakes. 1. When he said “mid cycle adjustment.” 2. We’re data dependent. “He did not do the right thing.” I agree (to put it mildly!). @Varneyco

— Donald J. Trump (@realDonaldTrump) August 14, 2019

Stocks sank sharply Wednesday morning after the U.S. bond market signaled an impending recession. The dip came one day after Trump announced he would delay further tariffs on Chinese imports until after the bulk of the holiday shopping season, reflecting mounting fears that the trade war could derail the robust U.S. economy.

In a pair of tweets later in the afternoon, Trump emphasized that “China is not our problem,” saying the trouble lies with the Fed.

..Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!

— Donald J. Trump (@realDonaldTrump) August 14, 2019

Trump is at his golf club in Bedminster, N.J., for the week, and he had no public events listed on his schedule for Wednesday. He has repeatedly hammered the Fed and Powell for its decisions to raise or lower interest rates, arguing that its decisions have held back the economy. 

“This guy has made a big mistake,” Trump said Tuesday at an event in Pennsylvania, referring to Powell. “He’s made a big mistake — the head of the Fed. That was another beauty that I chose.”

The constant critiques have worried critics, who note the central bank has historically been independent of politics.

—Updated at 3:38 p.m.