Having confirmed his view over the weekend that he has the power to demote Fed Chair Jay Powell, President Trump has taken to Twitter this morning to explain his thoughts as to how the central bank - more specifically Powell - has hurt the economy and market (and implicitly his election chances).

Trump started by claiming that the "Federal Reserve that doesn’t know what it is doing" citing the following as why they are clueless: "raised rates far to fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month" but noting that despite all that "we are on course to have one of the best Months of June in U.S. history." This will be the best June since 1995 if these gains hold until the G-20.

Despite a Federal Reserve that doesn’t know what it is doing - raised rates far to fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in U.S. history.. — Donald J. Trump (@realDonaldTrump) June 24, 2019

And then he forecasts what could have been if "the Fed had gotten it right"... "Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s."

Trump then gets personal: "Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it!"

....Think of what it could have been if the Fed had gotten it right. Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s. Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it! — Donald J. Trump (@realDonaldTrump) June 24, 2019

With stocks at record highs and market expectations for Fed dovishness at record highs, Trump is right on one thing, if Powell doesn't do as the market wants, there will be carnage.