]Trump[ on the [Fed]:

The central bank is "my biggest threat"

President Donald Trump said the Federal Reserve is raising interest rates "too fast," calling the central bank "my biggest threat.

Mr. Trump said he doesn't speak with Chairman Jerome Powell because of the Fed's political independence but he said, "I'm not happy with what he's doing because it's going too fast" in raising rates at a time when inflation has remained relatively low.

Asked about his decision as president to replace Janet Yellen with Powell, Mr. Trump said: "Can I be honest, I'm not blaming anybody. I put him there and maybe it's right, maybe it's wrong but I put him there."

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Last week, in a series of comments, Mr. Trump called the Fed "out of control," although he said in response to a question that he would not seek to oust Powell as chairman.

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In his first two years in office, Mr. Trump has had the rare opportunity to nominate or re-nominate officials for six of the Fed board's seven seats. Despite his criticism of the Fed's policymaking, Mr. Trump's picks have been seen as representing the mainstream of economic thinking about how a central bank should manage interest rates.

In Tuesday's interview, though, Mr. Trump said of his other nominees for the Fed, "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people."

Under the law that established the Fed, a president can remove a board member "for cause." But the courts ruled in a case decades ago involving the Federal Trade Commission that this language has to involve more than a policy disagreement between the president and the Fed.

https://www.cbsnews.com/news/trump-on-the-fed-the-central-bank-is-my-biggest-threat/