"For almost an entire year, Donald Trump has begged the Federal Reserve to slash interest rates and supercharge the American economy. And for almost an entire year, Fed Chair Jerome Powell has barely budged. Now, as the president prepares to appoint Powell's successor, amenability seems to be top of mind. "I don't think he should do exactly what we say," Trump told The Wall Street Journal today of the future chair. But "I'm a smart voice and should be listened to.""
"Trump himself appointed Powell to the chairmanship during his first term, but their relationship has since soured. The president's nickname for him is "Too Late," referencing Powell's reluctance to lower interest rates as quickly and as dramatically as Trump would like. He has also called Powell a "moron" and a "numbskull." Tensions peaked in July when, during a visit to one of the Fed buildings currently under renovation, Powell fact-checked some of Trump's claims directly to his face."
Donald Trump has spent nearly a year urging the Federal Reserve to slash interest rates dramatically while Fed Chair Jerome Powell has resisted rapid cuts. Trump seeks a successor who will be more amenable, saying the future chair should listen to his 'smart voice.' Their relationship deteriorated after Powell's restraint, prompting Trump to insult him and to attempt an unprecedented removal of governor Lisa Cook, now tied up in courts. Trump also appointed ally Stephen Miran to the Fed board, where Miran advocated deeper rate cuts. The bank cut rates by another 0.25 percent this week.
Read at The Atlantic
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