Jay Powell Can Always Go Work For Ken Griffin If This Fed Chair Thing Doesn’t Work Out

The Citadel chief is an admirer and defender.
By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons

By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons

Many are those who believe that President Trump has at last gone too far by criticizingtheFederalReserve. Most of these people are not important, like Sens. Jeff Flake and Chris Coons, and the object of the president’s ire, Fed Chairman Jay Powell. At last, however, a truly important voice has been raised in defense of the Fed’s independence, by one of Powell’s biggest fans.

Ken Griffin, the billionaire head of one of the world’s biggest hedge funds, has slammed Donald Trump’s criticism of the Federal Reserve, calling it “completely inappropriate for the president of the United States” and warning it could undermine confidence in the dollar….

“The concept that our central bank is independent from partisan politics is extraordinarily important to the stature of our currency in global markets and to the faith and confidence people have in the value of the dollar both domestically and abroad,” Mr Griffin warned at a conference in Florida on Tuesday.

“So I would not be criticising our Fed’s leadership decisions and in particular I think he is making the right decision,” he added. “Both as a matter of form and of substance, I think the president has this wrong.”

The “concept” of independence is “extraordinarily important.” The “concept,” Mr. President. So put down your goddamned iPhone and stop bitching to whatever blonde reporter Fox News throws in your face and deal with Jay Powell like a real president: In secrecy and total silence.

Hedge fund billionaire Ken Griffin slams Trump for Fed criticism [FT]
Two Senators Urge Trump to Stop Criticizing Fed [WSJ]