Donald Trump said on Friday that US Federal Reserve Chairman Jerome Powell wants to cut rates in 2024 to help Democrats win the presidential election in November, AFP reported.

“I think he’s going to do something to maybe help the Democrats,” the former Republican president told conservative Fox Business.

“It seems to me that they’re trying to lower interest rates to maybe get a boost in the election,” the Republican leader continued in November’s presidential election.

Jerome Powell, appointed by Trump, retained by Biden

During his tenure as president, Donald Trump has sharply criticized the Fed for not cutting interest rates as much as he would have liked, breaking with the political establishment’s tradition of respect, distance and independence from the monetary institution.

He also assured that if he is re-elected to the White House, he will not re-appoint Jerome Powell as head of the Fed.

However, in 2017, it was Donald Trump who chose Jerome Powell to lead the central bank. Then Joe Biden offered him a second term.

The Fed plans to begin cutting its key rate this year after raising it 11 times to fight inflation. This has the effect of raising the cost of credit for households and businesses, thereby discouraging consumption and investment to limit price growth.

But if interest rates remain high for too long, the economy risks falling into recession.

Also, according to Donald Trump, if the markets are doing well, “it’s because they think they’re going to elect me.”

“We have something called gasoline. (…) And this is what most people want”

He also attacked the UAW auto union, which called for a vote for Joe Biden, calling the organization a “hopeless case.”

“This requirement for electric cars is crazy,” the Republican attacked, referring to the financial aid provided by the Biden administration to support the transition of the auto sector.

“We have something called gasoline. (…) And this is what most people want. (Manufacturers) are selling tens of thousands of electric cars that no one wants to buy,” he continued.

But for the former president, “the most dangerous thing because there’s no real solution” is “artificial intelligence, as they call it, it’s so scary.”

“This is a huge problem from a security point of view,” he insisted.