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Trump says he knows economy better than Federal Reserve chair

Responding to big losses on Wall Street, President Trump said Thursday that he understands the economy better than the Federal Reserve.

“I think I know about it better than they do,” Mr. Trump said, again criticizing Fed interest-rate hikes. “I think the Fed is far too stringent, and they’re making a mistake, and it’s not right.”

Asked about Fed Chairman Jerome Powell, Mr. Trump said, “I’m not going to fire him.”

“I think the Fed is out of control. I think what they’re doing is wrong,” Mr. Trump said.

He said the stock-market drop is “a correction that I think is caused by the Federal Reserve with interest rates.”

“We’re still up 40 percent,” he said of the rise in equity markets since his election.

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