President Donald Trump loves a turgid, swollen stock market. In some ways it's come to represent to him his own intrinsic value as a leader.
This thirst for a bulging markets is what led Trump to jettison Janet Yellen. Sure, she oversaw an almost historically robust trend in her reign as Fed Chair, but she also had that annoying kneed to raise rates, and nothing causes a hard market to go limp like rising rates. So Trump went and got him his own Fed Chair, a guy he could rely on to do what a good Fed Chair does; manipulate the economy to help the markets and make his boss, the president, look good [just play along].
But it turns out that Trump's handpicked guy, Jay Powell, was never a sworn liege of Emperor Trump. No, no, no, Jay Powell was always down with his ride-or-die homie Janet Yellen, and nothing was ever going to change that...
U.S. stocks traded lower Tuesday after testimony from new Federal Reserve Chair Jerome Powell.
The new chair signaled the central bank could hike rates more than three times this year in an effort to keep the economy from overheating, sparking anxiety among equity traders.
Jay Powell is J-Yellz trap queen for life. He DGAF what petty bitches like the president wants. All Jay-Pow cares about is consistent monetary policy. The kind he came to appreciate while watching the realest lady he's ever been around do it for years. Hell, he even sounds like her...
"We've seen some data that in my case will add some confidence to my view that inflation is moving up to target," Powell told lawmakers. "We've also seen continued strength around the globe. And we've seen fiscal policy become more stimulative. So I think each of us is going to be taking the developments since the December meeting."
We wouldn't be surprised if Jay forgoes actually saying anything of his own the next time around, electing instead to play a clip of Yellen from the year previous, snapping his fingers over his head and braying "YASSS, QUEEN!"