Powell says Fed insulated from politics, wrestling with rate cuts
Source: Reuters
JUNE 25, 2019 / 1:03 PM / UPDATED 33 MINUTES AGO
Trevor Hunnicutt
4 MIN READ
NEW YORK (Reuters) - Federal Reserve Chairman Jerome Powell on Tuesday said the U.S. central bank is insulated from short-term political pressures, and that its policymakers are wrestling with whether to cut interest rates as President Donald Trump has demanded.
The Fed is insulated from short-term political pressures -what is often referred to as our independence, Powell said in a speech he delivered at the Council on Foreign Relations in New York. But Powell said he and his colleagues are grappling with whether current risks to the economy warrant a rate cut.
The Fed, which paused its rate-hike campaign this year and suggested last week that it could cut borrowing costs as early as next month amid concerns about U.S. trade disputes and other economic risks, is facing increasing anger from Trump.
The U.S. president, who has said as recently as this weekend that he has the power to demote Powell, said on Twitter on Monday that the Fed doesnt know what it is doing, adding that it raised rates far to fast and blew it given low inflation and slowing global growth.
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irisblue
(32,828 posts)maxsolomon
(32,975 posts)He's attacking THE FEDERAL RESERVE.
Are you just going to take that?
MarcA
(2,195 posts)drumph and his enemy of the people cohorts want the interest rates at
or near zero so that when he loses re-election the Democrats will not be
able to effectively deal with the impending recession as there will be
no room left to cut interests rates.
Wellstone ruled
(34,661 posts)game. One is Carl Icahn with his Casino Deal Yesterday as well as the Carano Family. Were talking 19 billion total,and those bonds are serviceable at Prime Plus for a total in Millions of dollars interest wise per Quarter. Second player is the Grifter Crime Family in the White House. Notice today the Business Press is talking major money problems for Sonny and Princess Kushner over Time Square. And you know damn well Poniz King is in trouble meeting his obligations and the only way out is cut his finance costs or doing a BK.
Vlad and Friends don't play nice when you get behind on your payments. All about the VIC.
MarcA
(2,195 posts)Wellstone ruled
(34,661 posts)on Auto and Trucks directly affects Icahn with his ownership of Navistar Trucks and Chassis which are made in southern Mexico for imports into the US. Who the hell are they trying to fool,are people that ignorant of what the game is.