Trump Calls Powell A ‘Numbskull’ In Latest Attack On Fed Boss Over Interest Rates
The post Trump Calls Powell A ‘Numbskull’ In Latest Attack On Fed Boss Over Interest Rates appeared on BitcoinEthereumNews.com. Topline President Donald Trump name called Federal Reserve Chairman Jerome Powell for declining to lower interest rates, as Trump has continuously demanded, in the latest White House criticism of the historically operationally independent central bank and its top-ranking official, a Trump appointee. Trump has repeatedly criticized Jerome Powell, right, since nominating him to his post atop the … More Federal Reserve. Getty Images Key Facts Trump derided Powell as a “numbskull” in a lengthy tangent Thursday morning, in which Trump called himself a “genius,” urging rate cuts. “I may have to force something” on rates, said Trump, upping the pressure on his campaign against Powell, who is just one of 12 voters on the Fed’s rate-setting committee. Trump’s comments come amid a two-day blitz against the Fed and Powell, as Vice President JD Vance posted to the X social media platform Wednesday morning that “the refusal by the Fed to cut rates is monetary malpractice.” Vance’s critique came immediately after the Bureau of Labor Statistics released May’s consumer price index inflation report, which revealed less price increases than economists anticipated. Trump, who has loudly called for the Fed to lower rates since taking office in January and even teased the firing of Fed Chairman Jerome Powell, went even further in response to the tame inflation update, calling for the Fed to lower rates by a full percentage point, a highly aggressive and improbable move. The U.S. would “pay much less interest” on the swelling national debt if the Fed bent to his demands, argued Trump, an at least somewhat misguided argument considering the interest rates paid by the U.S., based on the yields investors are willing to pay for debt issued by the Treasury Department, is not the same as the rate the Fed determines. Crucial Quote “I don’t know…
The post Trump Calls Powell A ‘Numbskull’ In Latest Attack On Fed Boss Over Interest Rates appeared on BitcoinEthereumNews.com.
Topline President Donald Trump name called Federal Reserve Chairman Jerome Powell for declining to lower interest rates, as Trump has continuously demanded, in the latest White House criticism of the historically operationally independent central bank and its top-ranking official, a Trump appointee. Trump has repeatedly criticized Jerome Powell, right, since nominating him to his post atop the … More Federal Reserve. Getty Images Key Facts Trump derided Powell as a “numbskull” in a lengthy tangent Thursday morning, in which Trump called himself a “genius,” urging rate cuts. “I may have to force something” on rates, said Trump, upping the pressure on his campaign against Powell, who is just one of 12 voters on the Fed’s rate-setting committee. Trump’s comments come amid a two-day blitz against the Fed and Powell, as Vice President JD Vance posted to the X social media platform Wednesday morning that “the refusal by the Fed to cut rates is monetary malpractice.” Vance’s critique came immediately after the Bureau of Labor Statistics released May’s consumer price index inflation report, which revealed less price increases than economists anticipated. Trump, who has loudly called for the Fed to lower rates since taking office in January and even teased the firing of Fed Chairman Jerome Powell, went even further in response to the tame inflation update, calling for the Fed to lower rates by a full percentage point, a highly aggressive and improbable move. The U.S. would “pay much less interest” on the swelling national debt if the Fed bent to his demands, argued Trump, an at least somewhat misguided argument considering the interest rates paid by the U.S., based on the yields investors are willing to pay for debt issued by the Treasury Department, is not the same as the rate the Fed determines. Crucial Quote “I don’t know…
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