Trump is Desperate to Blame Someone Else. He's Decided its Powell
As a recall, every President, Democrat and Republican, has criticized the Federal Reserve and whomever its Chair happened to be. Many, perhaps the majority, of Senators have done this too. My friend, former Sen. Byron Dorgan, did this. I never discussed it with him. The reason, as readers here know, is because the F.R. influences (does not set) interest rates. The F.R. Board Chair is appointed by a President but technically cannot be removed by the President. Trump has threatened to try to fire the Fed Chair but do not think for a minute he will do this. Actual firing of Powell, if he could or did do this, would not serve Trump's interests. The economy shows signs of slowing. I think the consensus of those who speculate on this data think the slowdown will continue getting worse. This, no doubt, has been mentioned to Trump. The consensus also has an explanation as to why this is happening. It is Trumps crazy tariff increases. Trump seems unable to grasp his tariffs are...