Trump: 'Where did I find this guy Jerome?'

Scott Gamm
U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria

President Trump continued his criticism of Federal Reserve Chair Jerome Powell on Twitter Friday.

In a tweet, Trump said: “Where did I find this guy Jerome?”

Trump selected Powell, a former private equity executive, to serve as Fed Chair to succeed Janet Yellen back in 2017. Powell began his term in February 2018.

Trump’s rebuke of Powell began last year, when the Federal Reserve was raising interest rates. The four rate hikes in 2018 contributed to a steep stock market decline in December 2018. In early 2019, the Fed signaled that it would change course and hold off on raising rates. Instead, the Fed, after grappling with weakening economic data and trade tensions between the U.S. and China, cut interest rates in July.

Market participants expect the Fed to cut interest rates once again in September.

On Friday, the Bureau of Labor Statistics said 130,000 jobs were added to the economy in August, while average hourly earnings, a key wage metric, rose 3.2% year-over-year.

Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.

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