Trump says US president should have influence over country's monetary policy

(Patria) - Donald Trump expressed frustration on Thursday over the independence of the Federal Reserve and suggested that the US president should have "at least a say" in monetary policy, AFP reported.

Trump, who is running against Kamala Harris in the November presidential election, has often criticized the actions of Fed Chair Jerome Powell, whom he nominated to lead the independent US central bank, and suggested he might not seek to re-nominate him after his current term expires in 2026.

The Fed has "made many mistakes," Trump told reporters during a press conference in Palm Beach, Florida.

"I think the president should have at least a say" in monetary policy, adding that on some occasions he "fought him very hard," referring to Powell.

"I've made a lot of money, I've been very successful, and I think I have a better instinct than, in many cases, the people who would be in the Federal Reserve, or the chairman," he added.

Congress has given the Fed a dual mandate to combat inflation and unemployment through monetary policy and the independence to set interest rates without interference from politicians in the White House or on Capitol Hill.

Trump's remarks followed a series of similar comments about Powell and the Fed in recent years that have highlighted his dissatisfaction with some of the bank's decisions. He has previously accused Powell of favoring the Democratic Party, which the Fed chairman has denied.