Trump Jawbones Fed Yet Again, May Be Grooming Powell Successor
By News
Published 5 years ago on
July 8, 2019
Share
[aggregation-styles]
Bloomberg
Bloomberg
President Donald Trump wrapped up the weekend as he started it, jawboning the Federal Reserve to lower interest rates at a time when he may be sizing up his two latest picks for Fed governor as successors to Chairman Jerome Powell.
If the Fed “knew what it was doing” it would cut rates, Trump told reporters before he boarded Air Force One in Morristown, New Jersey, to return to Washington after a weekend at his nearby golf club. Fed policy is putting the U.S. at a disadvantage versus Europe and suppressing gains in the stock market, Trump said.
Sunday’s comments came after Trump said on Friday that the central bank “doesn’t have a clue” and was “our most difficult problem.”
The fresh criticism is consistent with ideas that the president is laying the groundwork to replace Powell when the chairman’s term is up in 2022, assuming Trump is re-elected, or will attempt to do so earlier if the Fed doesn’t bend quickly enough to his will.
If the Fed “knew what it was doing” it would cut rates, Trump told reporters before he boarded Air Force One in Morristown, New Jersey, to return to Washington after a weekend at his nearby golf club. Fed policy is putting the U.S. at a disadvantage versus Europe and suppressing gains in the stock market, Trump said.
Sunday’s comments came after Trump said on Friday that the central bank “doesn’t have a clue” and was “our most difficult problem.”
The fresh criticism is consistent with ideas that the president is laying the groundwork to replace Powell when the chairman’s term is up in 2022, assuming Trump is re-elected, or will attempt to do so earlier if the Fed doesn’t bend quickly enough to his will.
By Josh Wingrove & Saleha Mohsin | 7 July 2019
RELATED TOPICS:
No data was found
Stock Market Today: Wall Street Rises to More Records to Close Out Its Latest Winning Month
Economy /
1 hour ago
A Fresno County First: Kerman Council Passes Amended Gaza Cease-Fire Resolution
Politics /
1 hour ago
UN Top Court Orders Israel to Open More Land Crossings for Aid into Gaza
World /
2 hours ago
Ex-Correctional Officer at Women’s Prison in California Sentenced for Sexually Abusing Inmates
Crime /
6 hours ago
Caitlin Clark and Iowa Draw Nearly 5 Million Viewers for Second-Round NCAA Win
Sports /
6 hours ago
Cronenworth’s Big Hit Helps Lift the Padres to a 6-4 Win Over Melvin’s Giants
SAN DIEGO — Jake Cronenworth’s two-run double highlighted a four-run seventh inning for the San Diego Padres, who beat the San Francis...
Sports /
45 mins ago
Categories
Latest
Videos
Sports /
45 mins ago
Cronenworth’s Big Hit Helps Lift the Padres to a 6-4 Win Over Melvin’s Giants
Sports /
1 hour ago
Shohei Ohtani Reaches 3 Times in Home Debut as the Dodgers Rout the Cardinals 7-1
Tech /
1 hour ago
Facebook News Tab Will Soon Be Unavailable as Meta Scales Back News and Political Content
Economy /
1 hour ago
Stock Market Today: Wall Street Rises to More Records to Close Out Its Latest Winning Month
Politics /
1 hour ago
A Fresno County First: Kerman Council Passes Amended Gaza Cease-Fire Resolution
World /
2 hours ago
UN Top Court Orders Israel to Open More Land Crossings for Aid into Gaza
Business /
1 day ago
Wired Wednesday: How Going to Work for Trump Turned Devin Nunes Into a Millionaire
Video /
1 week ago
News Minute: Snell’s $62M Giants Contract, Boomtown Clovis, Banksy’s Latest Mural
Latest /
1 week ago