Former President Donald Trump accused his nominated Fed Chairman Jerome Powell on Friday of attempting to reduce inflation and interest rates to aid in the reelection of President Joe Biden.
“Well, I think he’s going to do something to probably help the Democrats, you know. I think if he lowers interest rates. But you have the potential of having massive inflation again, because the Middle East could drive up the price of energy,” Trump said during a recent conversation with Maria Bartiromo.
“You know, energy has so much to do with it. And the Middle East, again, the bombs are dropping all over the place and the ships are starting to get hit and hit hard. If that happens, you’re going to have tremendous spikes in the price of oil. And if you do that, you’re going to have big inflation. He’s not going to be able to do anything. But it looks to me like he’s trying to lower interest rates for the sake of maybe, getting people elected, I don’t know,” he continued.
“So you think he’s political? He’s just going to cut rates to help Biden?” Bartiromo asked in response.
“I do, I think he’s political,” Trump responded.
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