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<\/a>DALLAS, TX – SEPTEMBER 14: Republican presidential candidate Donald Trump speaks during a campaign rally at the American Airlines Center on September 14, 2015 in Dallas, Texas. More than 20,000 tickets have been distributed for the event. (Photo by Tom Pennington\/Getty Images)<\/p><\/div>\n
The GOP frontrunner says low interest rates are good for America, even if the Fed Chair isn\u2019t.<\/p>\n
Donald Trump likes Janet Yellen\u2019s low interest rates, but not the Federal Reserve Chairwoman herself.<\/p>\n
\u201cI think she\u2019s done a serviceable job,\u201d Trump tells Fortune<\/em>. \u201cI don\u2019t want to comment on reappointment, but I would be more inclined to put other people in.\u201d<\/p>\n As he\u2019s said in the past, Trump tells Fortune<\/em> that he would \u201cabsolutely\u201d support proposals that would take power away from the Fed, and allow Congress to audit the U.S. central bank\u2019s decision making.<\/p>\n That said, Trump seems to like what the Fed is doing with monetary policy.<\/p>\n \u201cThe best thing we have going for us is that interest rates are so low,\u201d says Trump, comparing the U.S. to a homeowner refinancing their mortgage. \u201cThere are lots of good things that could be done that aren\u2019t being done, amazingly.\u201d<\/p>\n In fact, if the Fed were to raise interest rates now it could be disastrous, Trump says, because the country would be forced to pay higher interest rates on our debt, and that would be very \u201cscary\u201d for the economy.<\/p>\n \u201cPeople think the Fed should be raising interest rates,\u201d says Trump. \u201cIf rates are 3% or 4% or whatever, <\/span>you start adding that kind of number to an already reasonably crippled economy in terms of what we produce, that number is a very scary number.\u201d<\/span><\/p>\n It\u2019s not certain that raising the fed funds rate would result in higher borrowing costs for the U.S. government\u2014Treasury yields might fall if higher rates cause the economy to tip into recession\u2014but other Republican candidates, like Ted Cruz, have said that low interest rates are hiding the cost of the nation\u2019s debt. And if you were to raise interest rates that would force the government to stop spending, and cut the deficit.<\/p>\n But Trump doesn\u2019t seem to be focused on that. Instead, Trump says he would like to take advantage of lower interest rates in order to refinance the debt and spend more money to rebuild the military and the country\u2019s infrastructure. Trump did acknowledge that he thought we need to reduce our debt, but it was one of a number of things he thinks we need to do.<\/p>\n \u201cThe problem with low interest rates is that it\u2019s unfair that people who\u2019ve saved every penny, paid off mortgages, andeverything they were supposed to do and they were going to retire with their beautiful nest egg and now they\u2019re getting one-eighth of 1%,\u201d says Trump. \u201cI think that\u2019s unfair to those people.\u201d<\/span><\/p>\n And while Trump boasts about making America great again, he no longer has a plan, or a desire, to make the country debt free. In an interview with<\/a> The Washington Post<\/a>\u00a0<\/em>earlier this month, the GOP frontrunner said he\u2019d be able to get rid America\u2019s more than $19 trillion national debt \u201cover a period of eight years.\u201d<\/p>\n But Trump softened that stance in an interview Tuesday afternoon at his offices at Trump Tower.<\/p>\n \u201cYou could pay off a percentage of it, depending on how aggressive you want to be,\u201d he says. \u201cI\u2019d rather not be all that aggressive. I\u2019d rather not have debt but we\u2019re stuck with it. If I had a choice of taking over debt free or having $19 trillion \u2013 which by the way is going up to $21 trillion very soon because of the omnibus budget, which is a disaster. If I had my choice I\u2019ll take no debt every time.\u201d<\/p>\n Trump made the comments about Yellen, the Fed, and the national debt to Fortune<\/em> in a wide-ranging interview on his business career and how that would translate to his potential presidency. Fortune<\/em> will publish a transcript of the interview later this week, accompanying a cover story in the magazine on how Trump runs his business, and what it says about how he would lead the country.<\/span><\/p>\n