The Fed Is Partly to Blame for Trump’s Election: Peter SchiffThursday March 9, 2017
If investors and citizens are frustrated with President Donald Trump, they should blame the Federal Reserve, according to Euro Pacific Capital CEO Peter Schiff.
In a recent interview with CNBC’s “Futures Now,”the ardent critic of both Trump and the Fed cast doubt on the potential for future rate hikes. He also said that the central bank’s easy money policies are partly to blame for Donald Trump’s election.
Weak economic data “has been the primary reason the Fed has been able to keep rates so low for so long,” said Schiff.
“In fact it’s been these low rates that are actually one of the reasons the economy has been so weak,” he added— renewing a criticism that the Fed’s quantitative easing (QE) have primarily benefited banks and the wealthy.
“This benefits the financial markets, it benefits the stock market, it keeps it propped up at artificially high levels, but it undermines the real economy. That’s why so many Americans are hurting and why so many voted for Donald Trump,” the investor told CNBC.