Donald Trump continued his attack on the Obama administration on Monday, blaming Obama for the Federal Reserve keeping interest rates the same. The presidential nominee stated that Janet Yellen, Federal Reserve Chair, has kept rates low because of pressure from the Obama administration.
Speaking to CNBC during a phone interview, the Republican nominee stated, “Well, it’s (the interest rate) staying at zero because she’s obviously political and she’s doing what Obama wants her to do.”
He further stated that Yellen should be ashamed.
The Federal Reserve has kept the possibility of raising interest rates for a second time this year. The Fed planned to raise rates as much as four times in 2016, but economic data and global economic uncertainty has kept the Fed from raising rates again. Many analysts expect a second rate hike of 0.25 percentage points before the end of the year.
Trump insinuated that the rates have remained unchanged or will be raised in small increments so that Obama is able to complete his second term as president on a good note. The billionaire also stated, “Raise interest rates.. and watch what happens in the stock market.”
The Fed has said in the past that politics do not play a role in the decision of raising interest rates.