During his presidential campaign, Donald Trump lambasted the Federal Reserve for “playing politics” by keeping money too cheap for too long and creating “a big fat ugly bubble in the stock market.”
“The Federal Reserve on Wednesday raised the nation’s benchmark interest rate 25 basis points, increasing the costs of mortgages, credit cards and student and personal loans across the country,” says Goodman.
But like so many times before, Trump cheered on that bubble once he took office and, naturally, took credit on Twitter “for the exuberance of the markets as more positive economic data have come in,” reports Leah McGrath Goodman.
“While Trump could technically remove her as chair if he doesn’t like her, she could still remain on the Fed’s board of governors until her 14-year term expires in 2024—and endure any Trump presidency,” notes Goodman.
And like so many times before, Trump’s assessment of reality contrasts sharply with those who base their beliefs on facts: Fed Chair Janet Yellen believes that the economy is largely back on track while Trump has insisted that it is only just beginning on a path of economic renewal. Thanks to him, of course.