President Trump called Federal Reserve Chairman Jerome Powell “clueless” and blamed his policies for signs in the bond markets that a recession is looming.

The president tried to deflect criticism that his trade war with China is harming the economic outlook, as stock markets tumble and bond yields show signs of an impending global slowdown.

“China is not our problem, though Hong Kong is not helping. Our problem is with the Fed. Raised too much & too fast,” Trump said in a series of tweets on Wednesday.

He repeated his criticism that the US is being harmed by the Fed not lowering interest rates quickly enough relative to other countries.


“Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!” Trump tweeted.