Mike’s Musings

Random thoughts, opinions, ideas and prognostications on the day's events.

Chopper pressers are the best pressers. As President Trump departed the White House for a flight to Kentucky, the President stopped to answer questions from the media pool. The president took questions for over 35 minutes.

THE PRESIDENT: So, the economy is doing very, very well. We’ll see what happens with the Federal Reserve, whether or not they finally get smart and reduce interest rates, like many other places around the world that we have to compete with.
But our economy is the strongest in the world, by far. Nothing even close. And a lot of good things are happening. We had some very good retail numbers this morning, as you saw. And I guess the stock market is quite a bit up.

Q Are you demanding that Jay Powell lower interest rates?

THE PRESIDENT: No, I don’t demand it. But if he used his head, he would lower them. In Germany, they have a zero interest rate. And we do compete. We’re much stronger than Germany, but we do compete with Germany. In Germany, they have a zero interest rate. And when they borrow money — I mean, when you look at what happened, look at what’s going on over there. They borrow money, and they actually get paid to borrow money. And we have to compete with that.
So, if you look at what’s happening around the world, Jay Powell and the Federal Reserve have totally missed the call. I was right, and just about everybody admits that. I was right. He did quantitative tightening. He shouldn’t have done that. He raised interest rates too fast, too furious. And we have a normalized rate. I — you call it that. And now we have to go the other direction. We’ll see if he does it. If he does it, you’ll see a rocket ship; you’ll see a boom. If he does it, we have a very strong economy.
But we could have — we could be — we could be in a place that this nation was seldom at, if we had interest rates cut by the Federal Reserve. The Federal Reserve has let us down. They missed the call. They raised them too fast. They raised it too high. And they did quantitative tightening. They shouldn’t have done the tightening and they shouldn’t have raised them to the extent. We could have had some raises but nothing like they did.

Read the rest of the transcript here.

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