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News / Business / Business Briefs

Yellen critical of Trump’s grasp of economic policy

By Associated Press
Published: February 25, 2019, 4:54pm

WASHINGTON — Former Federal Reserve Chair Janet Yellen says she doubts that President Donald Trump has a good grasp of economic policy or even knows the Federal Reserve’s mandates.

“I doubt that he would even be able to say that the Fed’s goals are maximum employment and price stability,” Yellen said in an interview with radio program “Marketplace.”

She said Trump has made various inaccurate remarks about the Fed such as that the central bank has an objective for the exchange rate for the dollar that is aimed at supporting the president’s trade policies.

She said comments like that show a “lack of understanding of the impact of the Fed on the economy and appropriate policy goals.”

Asked in the interview released Monday if she felt Trump had a grasp of macroeconomic policy, Yellen said, “No I do not.”

The comments marked Yellen’s most pointed criticism of Trump since he decided not to nominate her for a second term as Fed leader. She left her position at the Federal Reserve a year ago and was succeeded as chairman by Jerome Powell.

Yellen is now a distinguished fellow in residence at the Brookings Institution in Washington.

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