President Trump says if the Fed hadn’t raised rates, U.S. GDP growth would have been closer to 4%. “That was a big blip that should not have taken place.” Davos2020
. We had things happen that are very unusual to happen," Trump told CNBC's Joe Kernen in an interview from the World Economic Forum in Davos, Switzerland.would be even higher than its already record-setting highs if the Fed hadn't raised rates so quickly before cutting them three times during 2019.
"Now, with all of that, had we not done the big raise on interest, I think we would have been close to 4%," Trump said. "And I – I could see 5,000 to 10,000 points more on the Dow. But that was a killer when they raised the rate. It was just a big mistake.", to task for raising rates too quickly, in his view. Trump nominated Powell to the role in November 2017, and the Fed raised rates four times in 2018.
The president's remarks Wednesday echoed those his top economic advisor, Larry Kudlow, made to CNBC on Tuesday, when he predicted 3% growth in U.S. gross domestic product in 2020.Kudlow said TuesdayManufacturing and trade data released this month suggested the American economy ended 2019 on a strong note. The economy is expected to grow more than 2% in the fourth quarter. That would represent a slowdown from the 2.
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