“I brought you into this world and I can take you out of it.”
- your mom when she's so mad she just used your middle name ... and Donald Trump to Jerome Powell
DJT continues to throw shade at Federal Reserve Chair Jay Powell in what’s shaping up to be one hell of an MTV Celebrity Death Match. Trump not only referred to Powell as “our Fed person” but told Fox News that the US would be better off with Mario Draghi, the president of the European Central Bank, leading the FOMC.
POTUS made it abundantly clear that nobody ever heard of Powell before Trump’s appointment. For what it's worth Powell has been a member of the Federal Reserve Board of Governors since 2013.
And of course, Donny Politics reminded the audience at home that as President, he has the right to demote Jerry Interest Rates ... but never suggested he’d take such an action.
You might remember that the Commander in Chief was hoping for a rate cut last week that the Fed didn't deliver. And the President may not be the only one hoping that Jay and the Feds "take it down a notch" come July.
Despite holding interest rates steady during its June meetings, the Fed gave markets the *wink wink nudge nudge* all but guaranteeing cuts over the next year.
And if the rates don’t come to fruition? Economists fear that failure to meet market participant’s expectations of 4 cuts over the next year could result in a 7% drop in the stock market.
Trump Says Fed Should Have Draghi as Chief Instead of Powell [Bloomberg]
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