Trump slams his own pick for Fed chair in WSJ - Bloomberg
As reported by Bloomberg, the Wall Street Journal's covered of US President Trump shows the White House administration growing increasingly antsy as Federal Reserve chair Jerome Powell proves to be impossible to control, as noted by the administration's comments on the Trump-selected Fed head.
Key quotes
"President Donald Trump stepped up his attacks on Federal Reserve Chairman Jerome Powell, saying he “maybe” regrets appointing him to the post and demurring when asked under what circumstances he would fire the central bank chief."
"Trump told the Wall Street Journal in an interview Tuesday that he was intentionally sending a direct message to Powell that he wanted lower interest rates, even as he acknowledged that the central bank is an independent entity."
"Trump has repeatedly criticized the Fed for rate increases, ratcheting up his rhetoric in recent weeks. Trump last week called the Fed his “biggest threat” and blamed it for stock market sell-offs during the past month. Earlier in the month he slammed the central bank as “out of control” and said it was “going loco.” "
"Trump’s criticisms mark a departure from the practices of his recent predecessors. Presidents for more than two decades avoided public comments on Fed policy as a way of demonstrating respect for the institution’s independence."
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
