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Trump
challenges the Fed!!
Demands a say in interest rates!
Does he have a chance?
On August 9,
Republican presidential candidate Trump
pointed at a press conference at the Mar-a-Lago Club that
the president should have a say in interest rates and monetary policy,
which is his most explicit questioning of the independence of the Fed.
He believes that his intuition is often better than that of Fed officials,
and criticized Powell for the wrong timing of interest rate adjustments.
This is not the first time Trump has criticized the Fed.
He has long been dissatisfied with the lack of influence of the executive branch on interest rate issues.
Powell promised not to let political pressure influence his decision-making,
and since the late 1970s,
US presidents have generally avoided publicly criticizing the Fed's interest rate decisions.
Trump's remarks have raised concerns about the independence of the Fed,
especially the possible impact before and after the election.
Economists warn that similar policy mistakes in the early 1970s may cause inflation to soar.
If Trump is elected,
he will have the opportunity to be elected as the chairman of the Federal Reserve during his term.
His allies have drafted proposals to weaken the independence of the Federal Reserve,
but his campaign team has not officially acknowledged it.