By: Justin Menza, CNBC.com
The Federal Reserveâ€™s decision Thursday to buy $40 billion in mortgage securities each month is creating â€œphony numbers,â€ real estate mogul Donald Trump told CNBCâ€™s “Closing Bell.”
Trump said the Federal Reserveâ€™s move to keep interest rates low and provide additional stimulus â€œwill not ultimately benefit the economy.â€
â€œThe dollar will go down in value and inflation will start rearing its ugly head,â€ he said of the effects of this third round of quantitative easing. (Read More: Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates.)
It also will do little to spur additional activity in the housing market. â€œMortgage rates are already very low,â€ he said, â€œbut the banks arenâ€™t lending. So it doesnâ€™t make any difference.â€
In addition to mortgage rates, these phony numbers are showing up in the stock market. But Trump said heâ€™s benefiting. Trump rattled off a list of stocks heâ€™s bought over the past two years, including Bank of America, Deere, Caterpillar, Procter & Gamble and Johnson & Johnson.
To read more, visit: Â http://www.cnbc.com/id/49023574
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