Being Fed chair is a big deal. You get to be the face of independent monetary policy in the United States, the closest that a bureaucrat can get to being an autocrat in our little republic here.
But the gig can suck if you have a major economic crisis, global macro uncertainty, or an emotionally adolescent chief executive psychologically incapable of understanding that the whole world is designed to make his life easier. Jay Powell has one of those problems.
“I’m not thrilled with his raising of interest rates, no. I’m not thrilled,” Trump said in the interview, referring to Powell. Trump nominated Powell last year to replace former Fed Chair Janet Yellen.
But that doesn't mean he won't soon have the others...
U.S. stocks dipped after Trump’s comments to Reuters and the dollar .DXY edged down against a basket of currencies.
Hey, at least Jay can do what his predecessors have done in times gone by; take heart that the man sitting in The Oval Office respects the American democracy and will put his country first, respect the power of the Federal Reserve and steer the ship accordingly...
Trump, who also criticized the Fed as a candidate for president in 2016, said other countries benefited from their central banks’ moves during tough trade talks, but the United States was not getting support from the Fed.
“We’re negotiating very powerfully and strongly with other nations. We’re going to win. But during this period of time I should be given some help by the Fed. The other countries are accommodated,” Trump said.
That sound you hear is Janet Yellen laughing so hard she peed a little.