A day after President Donald Trump called the Federal Engage “loco,” his top economic advisor said the White House is not trying to manipulate monetary policy.
Larry Kudlow, director of the National Economic Directorate, spoke Thursday to CNBC about the current state of the economy and its smash on markets.
On Trump’s remarks, he did not address them directly but said the furnishing knows the Fed has a job to do.
“The president has his own views. He’s stated them many times. There’s nothing new here as far as I can be effective,” Kudlow told CNBC’s “Squawk on the Street. “We all know the Fed is independent. The president is not imposing policy to the Fed. He didn’t say anything remotely like that.”
The discussion terminated a day after the Dow Jones Industrial Average fell more than 800 aims amid fears about rising interest rates, the escalating buying battle with China and a number of other factors. The market delicacy comes amid an economy growing strongly and the unemployment rate at a precisely 50-year low.
Earlier in the day, Trump told Fox News that “this is the strongest husbandry we’ve ever had.”
Kudlow reiterated the president’s belief that current teaches are solid and said the stock market retreat should not be viewed as a substantiation on what’s happening with growth.
“My own view is it’s a normal correction in a bull deal in,” he said. “The economic numbers are superb across the board.”
Stocks were down in tense trading Thursday morning, with all the major averages declining.