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Trump Fed tweet: Wells Fargo strategist thought someone pranking him



Donald Trump
OCTOBER 22: U.S. President
Donald Trump addresses the crowd during a rally in support of
Sen. Ted Cruz (R-TX) on October 22, 2018 at the Toyota Center in
Houston, Texas. Cruz, the incumbent, is seeking Senate
re-election in a high-profile race against Democratic challenger
Beto O’Rourke.

Loren Elliott/Getty

  • President Donald Trump appeared to criticize rate hikes by
    the Federal Reserve again on Tuesday.
  • He quoted a Wells Fargo strategist who thinks a less hawkish
    central bank would help the stock market.
  • The strategist initially thought the incident was a

In his latest move apparently
taking aim at the Federal Reserve, President Donald Trump turned
to a Wells Fargo strategist.

“‘If the Fed backs off and starts
talking a little more Dovish, I think we’re going to be right
back to our 2,800 to 2,900 target range that we’ve had for the
S&P 500,'” Trump


Tuesday on
Twitter, citing Scott Wren, a strategist at Wells Fargo.

Trump has repeatedly attacked the
Federal Reserve, a move that breaks precedent and that could cast
doubt on the independence of a central bank. With a humming
economy, the Fed discussed increasing interest rates at a level
that could

slightly restrain growth

at its September policy meeting.

Trump directly blamed the Fed for
a sell-off on Wall Street earlier this month and called rate
hikes “ridiculous.” However, there is a consensus among
economists and bipartisan lawmakers that increasing the cost of
borrowing can be necessary at times to avoid overheating and high
levels of inflation. 

In the hour following the tweet,
Wren was the most-searched person on the Bloomberg Terminal. He
said when people began reaching out to him about the president,
he thought they were joking. Trump has also criticized
Wells Fargo on Twitter. 

“My phone, email and Bloomberg
machine instantly lit up,” Wren said. “A friend shot the tweet to
me and initially thought that it had to be a joke. But I have to
say, it not only made me laugh, it also made me feel pretty

Wren said the president was
“simply voicing his opinion,” but added he believes the Federal
Reserve is and will remain an independent entity.  

“I do not believe that Chairman
Powell or other Fed voting members are likely to be influenced by
the President’

commentary,” he said.

The Federal Reserve did not
immediately respond to a request for comment. 

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