Balgarianovinite.com
President Donald Trump said he does not like hearing good economic news because such data makes it less likely that interest rates will come down.
On Wednesday, the Treasury Department announced that it will more than double the amount of U.S. bonds it will buy back. The move comes as bond yields have been steadily rising since the beginning of the Iran war, which Trump launched in February. Higher yields mean a higher cost of borrowing, which can dampen consumption and slow the economy. Moreover, higher yields force the government to pay more interest. Trump has long demanded that the Fed lower interest rates to spur economic growth.
Speaking with reporters on Wednesday, Trump was asked about bond markets.
“Has the administration done enough to stabilize the bond market?” a reporter asked.
“It’s very sad,” Trump lamented. “Every time we do great, we announce great numbers and the interest rates go up. And they go up because they wanna stop inflation. They should go down because the country’s strong.”
The president then went on to swipe at Switzerland for having low interest rates and claimed, “They live off the United States, so why are we paying higher interest rates than them?”
Trump then complimented Federal Reserve Chair Kevin Warsh, but condemned the Fed board for being too hawkish on rates. The president went as far as saying that it is “too bad” when good economic data is reported, because that makes the Fed less likely to lower rates:
When our country does well, interest rates should go down. I mean, every time I hear our country is doing well I say, “That’s too bad because they lift up interest rates.” They should drop interest rates because it means we have a strong country and it’s all based on credit, meaning good credit. And we have the best credit and we pay off the debt very easily, very quickly…
You know, I almost like to hear bad numbers. I’m saying, “I hope we have bad numbers today. Interest rates will go down.” It doesn’t make sense. When our business is good, we should lower interest rates. And then you want to build America You’re gonna see a building like you’ve never seen. We’re doing great even despite the fact of what’s happening with interest rates.
Watch above via Fox News.
The post Trump: ‘Every Time I Hear Our Country Is Doing Well, I Say, That’s Too Bad’ first appeared on Mediaite.
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