Trump compares Fed to a 'golfer who can't score' as markets tumble

WASHINGTON – President Donald Trump criticized the Federal Reserve on Monday, blaming the independent body for a recent series of Wall Street sell-offs while comparing it to a "golfer who can't score."

"The only problem our economy has is the Fed," Trump posted on Twitter, returning to a favorite theme.

"They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders," he wrote. "The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!"

The president's remarks, which come amid reports he has considered firing Fed chief Jerome Powell, followed another Wall Street sell-off. The Dow Jones Industrial Average fell 653 points, or 2.91 percent, to end at 21,792 on a trading day that was shortened by the Christmas holiday.

Trump has often touted the markets as a barometer for the success of his economic policies. As he campaigned ahead of the November midterm election, he often told the story of an unnamed man whose retirement plan was doing so well in the markets that his wife decided he was an investment "genius."

More: Dow, stocks end sharply lower on Christmas Eve after weekend of turmoil

But a series of unexpected developments from Washington, including the partial government shutdown that began on Friday at midnight, has pummeled investors in recent days and loosened confidence around Trump's handling of the economy.

An effort by Treasury Secretary Steven Mnuchin to calm the markets over the weekend appeared to backfire after he issued an unprompted statement assuring the nation of the liquidity of its largest banks – a concern that had not been widely raised before his statement. Mnuchin said he intended to reconvene a group of officials widely known as the "Plunge Protection Team" during the 2009 financial crisis.

"We continue to see strong economic growth in the U.S. economy," Mnuchin said in the statement.

The Treasury secretary sought earlier in the week to ease concerns over Trump's frequent criticism of the Fed, quoting the president as criticizing the central bank's policies but acknowledging he can't fire its chairman. While the president appoints Fed governors, the Fed is an independent agency and its governors may be fired only “for cause.”

It’s unclear if Trump could remove Powell as chairman while he remains a governor. But Fed scholars say it would be a disastrous move that would undermine the belief the central bank will act in the best interest of the economy regardless of political pressure.

More: Mulvaney: Trump 'realizes' he can't fire Federal Reserve Chairman Powell

The Federal Reserve raised its key interest rate Wednesday for a fourth time this year but lowered its forecast to two hikes in 2019 amid the recent stock market sell-off and uncertain growth prospects.

More: Dow, stocks drop on Christmas Eve after weekend of Washington, D.C., turmoil

This article originally appeared on USA TODAY: Trump compares Fed to a 'golfer who can't score' as markets tumble