WASHINGTON (BLOOMBERG) – President Donald Trump blamed Federal Reserve Chairman Jerome Powell and his colleagues at the central bank for hurting manufacturing companies after a key gauge of the industry’s health posted its weakest reading since the end of the last recession.

“As I predicted, Jay Powell and the Federal Reserve have allowed the dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected,” Trump tweeted Tuesday (Oct 1).

The outburst followed release of the Institute for Supply Management’s factory index, which slipped to its lowest since June 2009.

Manufacturing in the US has stalled amid uncertainty caused by slowing global growth, escalating disputes between the US and its major trading partners, and a strengthening US dollar that makes US exports more expensive.

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