Trump says Fed ‘out of control’ but won’t fire Powell

WASHINGTON, Oct 12: President Donald Trump renewed his attacks on the US central bank on Thursday, saying it was “out of control” in raising interest rates but that he had no plans to dismiss Federal Reserve Chairman Jerome Powell.
Trump blamed the Federal Reserve for the global stocks rout that continued Thursday for a second day amid concerns about rising interest rates.
“It is a correction that I think it is caused by the Federal Reserve, with interest rates,” Trump told reporters at the White House. “I think the Fed is out of control.” However, asked about Powell’s future, Trump said, “I’m not going to fire him.” Trump named Powell to lead the central bank but can only fire him for cause.
Earlier in the day, Trump told the Fox & Friends television broadcast that the central bank was “making a big mistake” by being “too aggressive” in raising rates.
However, he acknowledged higher rates helped savers. (AGENCIES)