Trump says the Fed’s high interest rates are keeping Americans from buying houses. There’s more to it than that.

Federal Reserve Chair Jerome Powell made it clear on Wednesday that the resilient U.S. labor market is currently the primary determinant of monetary policy, a signal that strong July employment figures could snuff out all bets for a September rate cut and reduce the likelihood of any further easing this year.

WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday the Federal Reserve board should assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates.