Trump blasts Fed for being 'wrong so often'
U.S. President Donald Trump launched his first attack against the Federal Reserve in months, taking issue with the central bank’s subdued economic forecast.
"The Federal Reserve is wrong so often," Trump wrote on Twitter.
"I see the numbers also, and do much better than they do. We will have a very good Third Quarter, a great Fourth Quarter, and one of our best ever years in 2021," he stressed, adding that they will also soon have a vaccine and therapeutics/cure.
The tweet came a day after the Fed ended its June meeting with a statement that markets interpreted as a grim near-term forecast for the recovery. Federal Open Market Committee members’ median outlook saw a 6.5% GDP decline for 2020 and zero interest rates for at least the next two years as the economy struggles with a recession brought on by the coronavirus pandemic, CNBC reported.
But the forecast also indicated gains of 5% and 3.5% in the subsequent years, which actually jibes with Trump’s assertion of “one of our best ever years” ahead. If the 2021 outlook is correct, it indeed would be the best year for the U.S. since 1984.