Jerome Powell, arguably one of the worst and most politicized leaders of the Fed in history, announced on Wednesday that he will not drop rates to help lift the economy despite the recent excellent economic news.
Powell and the Fed will keep interest rates at 4.25% to 4.5%, according to USA Today. He told reporters the “economy is doing fine,” but “the right thing to do is to await further clarity.”
President Trump slammed the failed Federal Reserve Chair Jerome Powell in April after Powell hinted at delaying interest rate cuts.
Trump called for Powell’s termination before he does any more damage to the lives of tens of millions of American workers.
President Trump: The ECB is expected to cut interest rates for the 7th time, and yet, “Too Late” Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete “mess!” Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!
Looking back at Trump’s first term, the US economy and markets hit several historic records in 2018. President Trump was correct in his policy, and the economy had never been stronger.
Then, in October, Federal Reserve Chairman Jerome Powell stepped in and destroyed the outstanding gains.
The market tanked, the Dow Jones dropped over 5,000 points, the middle class was decimated, and the global markets were in chaos. Jerome Powell’s stock market crash was GREATER THAN the market crash after 9-11.
The Dow sank 5,036 points in December 2019 from its all-time high on October 3, 2018. Jerome Powell’s comments on October 3rd and continuing promises of rate hikes caused the Dow Jones to sink 18.7%.
The Dow crashed over 5,000 points, or 18%, thanks to Powell. The stock market crashed 14% after the 9/11 Islamic attacks on America.
UPDATE: President Trump responded to Jerome Powell’s latest antics:
President Trump: “Too Late” Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF “TOO LATE!” ENJOY!
Share your thoughts by scrolling down to leave a comment.
