Business

Former Fed chair dismisses Trump’s talk of ‘crazy’ rate hikes

Janet Yellen, who served as the Federal Reserve chair for several years at the beginning of this decade, is defending the entity against recent attacks from the White House.

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In response to a stock market drop this week, President Donald Trump cited a “crazy” and “loco” Federal Reserve as the primary culprit given the decision to increase interest rates.

Yellen, however, said her successor, Jerome Powell, has acted appropriately in his response to the current economic situation.

“The Fed is certainly not crazy in terms of what it’s doing,” she said this week. “Removing monetary policy accommodation is a thoroughly sensible strategy. It’s been well communicated.”

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