Trump Advisor Slams Fed Rate Hike as 'Stupid' Economic Policy

Peter Navarro, Senior Counselor for Trade and Manufacturing under President Donald Trump, has criticized the Federal Reserve's decision to increase interest rates by a quarter point. According to Navarro, this move is 'a stiletto in the heart of Main Street' and will hurt the economy.

Navarro expressed his disapproval during an interview with NewsNation, stating that Chair Kevin Warsh made a 'foolish decision.' He claimed that the rate hike will exacerbate the ongoing energy price shock caused by conflict in Iran. Navarro also argued that the Fed is prioritizing inflation control over jobs and affordability.

In his view, former Fed chairs Alan Greenspan and Ben Bernanke would not have made the same decision as Warsh. He questioned Trump's choice of Warsh as Fed chair, suggesting that it was a 'bad decision.'