President Trump stepped up his attacks Wednesday on the Federal Reserve and Chairman Jerome Powell, calling them “the only problem” for the U.S. economy.

“Doing great with China and other Trade Deals,” the president tweeted. “The only problem we have is Jay Powell and the Fed. He’s like a golfer who can’t putt, has no touch.”

In comments to reporters, Mr. Trump said he’s not actively considering tax cuts and would prefer for the Fed to cut interest rates to boost the economy.

“I don’t demand it, but if he used his head, he would lower them,” he said of Mr. Powell.

Mr. Trump on Tuesday said he has considered a temporary cut of payroll taxes and cutting capital gains taxes. But he said Wednesday that cutting capital gains would be viewed as “elitist” because it would benefit primarily wealthy taxpayers.

“I’m not looking at a tax cut now,” the president said. “We don’t need it. We have a strong economy.”

The president said Mr. Powell, who is scheduled to give a speech Friday at the Jackson Hole Economic Policy Symposium, should announce a “BIG CUT” in interest rates to spur more growth.

“Big U.S. growth if he does the right thing, BIG CUT - but don’t count on him!” Mr. Trump said. “So far he has called it wrong, and only let us down. We are competing with many countries that have a far lower interest rate, and we should be lower than them.”

The president said the central bank needs to “wake up.”

“WHERE IS THE FEDERAL RESERVE?” he tweeted.

The Fed cut interest rates by one-quarter point last month, its first rate cut since 2008. But Mr. Trump is seeking a rate cut of at least 1 percentage point, saying other nations’ central banks have lowered their lending rates below the U.S.

“Germany is paying Zero interest and is actually being paid to borrow money, while the U.S., a far stronger and more important credit, is paying interest and just stopped (I hope!) Quantitative Tightening,” the president said, referring to a policy of gradually decreasing the money supply.

Mr. Trump said Tuesday that he is considering a temporary payroll tax cut and capital gains tax cuts, but he doesn’t believe the economy is headed for a recession.

The president tweeted that the media is rooting for a recession ahead of his reelection bid next year.

“The Fake News LameStream Media is doing everything possible the ‘create’ a U.S. recession, even though the numbers & facts are working totally in the opposite direction,” the president tweeted. “They would be willing to hurt many people, but that doesn’t matter to them. Our Economy is sooo strong, sorry!”

Mr. Trump appointed Mr. Powell as Fed chairman.

Sign up for Daily Newsletters Manage Newsletters

Copyright © 2020 The Washington Times, LLC. Click here for reprint permission.