Trump praises economic growth, continues criticism of Powell

US President Donald Trump praised the latest economic data released on Thursday but continued to criticize Federal Reserve Chair Jerome Powell, despite the Fed’s move earlier this month to cut interest rates for the first time this year.

“Great Numbers came out today on the Economy (3.8%!), and the SUCCESS we are having, but our Interest Rates are too high!” Trump said in a social-media post late Thursday.

This came after the US Department of Commerce released its third and final estimate for second-quarter GDP, showing annualized growth of 3.8%, above the second reading of 3.3%.

Trump lamented that the interest rates were “too high.” “If it weren’t for Jerome ‘Too Late’ Powell, we would be at 2% right now, and in the process of balancing our budget,” he added.

The Fed funds rate is currently at 4%-4.25%, and most economists expect two quarter-point cuts before the end of the year and a couple more early next year, taking rates to a more neutral level.

The good news, according to Trump, is that “we’re powering through his Incompetence, and we’ll soon be doing, as a Country, better than we have ever done before!”