Trump pressures the Fed

Author: , Post Date: July 20, 2018
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Excerpt from Politico article, Trump pressures the Fed:

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Politico’s Morning Money just happened to be sitting down with one of the top executives on Wall Street on Thursday just as President Trump’s interview with CNBC appeared in which Trump criticized the Federal Reserve for raising interest rates, fulfilling the fears of many who thought it was always just a matter of time before exactly this happened. The executive expressed exasperation and suggested that Fed Chair Jay Powell should issue a statement in response reiterating the Fed’s independence and intention to continue on its current path regardless of any political pressure.

WALL STREET REACT — Cumberland Advisor’s David Kotok emails: “Why meddle? Why overturn decades of central bank independence? Why stir up a pot after the Fed spent 37 years getting from double-digit interest rates (1981) and double digit inflation (1970s) to present day 2% level. The poet George Santayana penned a message for this erstwhile President, Donald J. Trump. ‘Those who forget their history are condemned to repeat it.’”

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