President Trump on Wednesday spoke out against raising interest rates.
President Trump on Wednesday said he's "not happy" that the U.S. Federal Reserve decided to raise interest rates for the third time this year.
"Unfortunately, they just raised interest rates a little bit, because we are doing so well," Trump told reporters at a press conference. "I'm not happy about that, because I know it's going to be a question. I am not happy about it. I'd rather pay down debt or do other things, create more jobs. So I'm worried about the fact that they seem to like raising interest rates. We can do other things with the money."
Later, while responding to a different question, Trump added: "Basically I'm a low-interest rate person, I hate to tell you."
Federal Reserve Chairman Jerome Powell addressed the interest rate increase at a media event on Wednesday.
"As the economy has steadily gained strength, the Fed has been gradually returning interest rates closer to levels that are normal in a healthy economy," Powell said. "We took another step on that path today, with a quarter-point increase in short-term interest rates. These rates remain low, and my colleagues and I believe that this gradual return to normal is helping to sustain this strong economy for the longer-run benefit of all Americans."
