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Donald Trump has accused the Federal Reserve of following White House instructions to keep interest rates at historical lows.
At a press conference today, the Republican presidential hopeful and real estate mogul characterized the central bank’s refusal to raise rates as an effort to help President Obama’s legacy.
“In my opinion, he wants to get out of office, because we're in a bubble,” said Trump. “When those rates are raised, a lot of bad things are going to happen.”
Trump added that Fed Chairwoman Janet Yellen was specifically taking her orders from the Oval Office.
“In my opinion, Janet Yellen is highly political and she's not raising rates for a very specific reason: because Obama told her not to because he wants to be out playing golf in a year from now and he wants to be doing other things,” Trump stated. “And he doesn't want to see another bubble burst during his administration."
At a press briefing later in the day, White House spokesman Josh Earnest rejected Trump's charge and insisted that the Obama administration “goes to great lengths” to stay out of the Federal Reserve’s policy making decisions.