President Trump yesterday escalated his attacks on the Chairman of the Federal Reserve Jerome Powell over his reluctance to cut interest rates, prompting a fresh plunge on Wall Street. The President may appear determined to cut his central banker down to size. And yet the reality is that Powell is completely right not to cut rates – and the President won’t be able to fight the Fed forever.
‘There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,’ Trump said on Truth Social, his social media network, yesterday. It was the latest in a series of bitter attacks on Powell for holding rates steady even as there are signs the US is sliding into a recession.
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