Saturday, March 14, 2020

Trump Says He Could Demote Fed Chairman Powell

Sometimes it seems as though President Trump goes out of his way to try and spook markets.

Trump said on Saturday that he had the power to remove or demote Federal Reserve Chairman Jay Powell

At a news conference at the White House Trump said that ousting  Powell was not his current plan but that he was “not happy with the Fed” because it was “following” and “we should be leading.” He said he had the right to remove  Powell as chairman “and put him in a regular position and put somebody else in charge,” but added, “I haven’t made any decisions on that.”

I am no fan of the Federal Reserve (SEE: The Fed Flunks: My Speech at the New York Federal Reserve Bank) but I know full well that market traders will not look positively on Trump comments like this.


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