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“There’s even an argument that the election itself falls within the Fed’s purview. After all, Trump’s reelection arguably presents a threat to the U.S. and global economy,” wrote Dudley, who headed the New York Fed from 2009 to 2018 and was previously a Goldman Sachs Group Inc. economist. “If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020.
Powell, in a speech Friday in Jackson Hole, Wyoming, signaled the Fed was open to cutting interest rates again next month to help offset the headwinds from a cooling world economy, while cautioning that that there are “no recent precedents to guide any policy response to the current situation.” Trump has relentlessly assaulted the central bank for raising interest rates last year and not cutting them fast enough for his liking. He stepped that up a notch on Friday, calling Powell an “enemy” of the U.S. on a par with China’s leader -- an unprecedented public accusation from a U.S. president about someone he picked for the job . Treasury Secretary Steven Mnuchin tried to walk that back on Sunday, saying the president didn’t mean it literally.
Source: Loan Digest (loandigest.net)
The truth be told, he wants the interest rates to drop to benefit his own Company by saving millions of dollars in interest on loans he has made. Once again using the WH to deepen his greedy pockets.
He’s not our legitimate President!!
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