Trump says he ‘made a lot of money’ so he should have a say in when you get a rate cut
CNN
Throughout his presidency, Donald Trump tried to pressure the Federal Reserve into cutting rates — a breach of protocol that threatened to undermine the independence of the central bank and its ability to keep jobs booming and inflation low. If reelected, Trump said Thursday he’d go further: He’d try to exert direct power over monetary policy.
Throughout his presidency, Donald Trump tried to pressure the Federal Reserve into cutting rates — a breach of protocol that threatened to undermine the independence of the central bank and its ability to keep jobs booming and inflation low. If reelected, Trump said Thursday he’d go further: He’d try to exert direct power over monetary policy. “I feel the president should have at least a say in there. I feel that strongly,” Trump said toward the end of his press conference. “I made a lot of money. I was very successful. And I think I have a better instinct than, in many cases, people that would be on the Federal Reserve — or the chairman.” The former president said that Fed Chair Jerome Powell, whom Trump appointed to the position in 2017, has got the timing of rate moves wrong throughout his tenure. “He’s tending to be a little bit late on things. He gets a little bit too early and a little bit too late,” Trump said. “I believe it’s really a gut feeling.” Trump appeared to be joining a growing chorus, including economists and market participants, who believe Powell and the Fed blew it last week when it opted not to cut rates from a 23-year high at the conclusion of its policy meeting on July 31. Two days later, the US Bureau of Labor Statistics reported that the US economy added a disappointing 114,000 jobs and the unemployment rate shot up to 4.3%. That worse-than-expected jobs report sent the stock market into a tizzy, igniting fears that the Fed waited too long to cut rates. It takes time for rate hikes or cuts to take effect in the economy, so timing a policy decision right is a tricky game that the Fed historically has failed to win.
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