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‘Not My People’—Trump Hectoring of Fed Chairman Complicates Rate Calls
Wall Street Journal ^ | June 10, 2019 | Nick Timiraos

Posted on 06/11/2019 2:36:57 AM PDT by reaganaut1

...

Mr. Trump called in to a CNBC news program on Monday morning and complained about policy under Mr. Powell, who goes by Jay. “They made a big mistake. They raised interest rates far too fast,” Mr. Trump said. “It’s more than just Jay Powell. We have people on the Fed that really weren’t—you know, they’re not my people.”

Mr. Trump’s hectoring of the Fed—over and over through the past year, in tweets, interviews and extemporaneous remarks—has persuaded some investors that the Fed’s decision to shelve plans to raise rates this year came in response to the White House. Investors also haven’t understood what Mr. Powell is saying at times, fueling more confusion.

Mr. Powell’s game plan is to tune out the president. The more he does, the more demanding Mr. Trump gets. After the Fed signaled early this year its pivot away from raising rates, Mr. Trump started calling for rate cuts.

Such a stance could boost the economy and help the president as he runs for re-election. The recent escalation of trade tensions has also fueled worries about a sharper growth slowdown that could force the Fed to act by cutting rates. A weak jobs report on Friday added to the concerns.

Shortly after Mr. Powell unveiled the policy shift in January, administration officials arranged an awkward dinner between him and the president at the White House residence. It happened to fall on Mr. Powell’s 66th birthday.

A few weeks later, Mr. Trump surprised his advisers and Mr. Powell by calling the Fed leader on his cellphone to discuss a disappointing jobs report. “I guess I’m stuck with you,” the president told Mr. Powell, according to the president’s later recounting of the call to supporters.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy
KEYWORDS: antitrumper; federalreserve; tds; trump
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To: abb

“the Obama regime and his sock puppet Janet Yellin?”

Another “wingman” of Obama’s.


21 posted on 06/11/2019 3:48:39 AM PDT by MayflowerMadam
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To: central_va

Or Myron Brilliant.


22 posted on 06/11/2019 3:49:02 AM PDT by JonPreston
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To: reaganaut1

It’s too bad so many people have never studied the corrupt and foreign beginnings of the federal(not) reserve(not). I’ve been to Jekyll Island.


23 posted on 06/11/2019 3:50:36 AM PDT by high info voter
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To: Moonman62
Trump is complaining about the members of the FOMC. They are the ones at war with the growing economy.

Finish filling the Board of Governors and he'll have appointed six of the twelve members. But he's complaining about the ones he has appointed.

24 posted on 06/11/2019 3:56:07 AM PDT by DoodleDawg
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To: odawg
What makes you think unelected, unaccouuntable bankers are more righteous than elected politicians?

That's sarcasm, right?

25 posted on 06/11/2019 3:58:05 AM PDT by DoodleDawg
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To: reaganaut1
I still think Trump blames the Fed for raising interest rates just before the midterm election purposely to shake up the market to make voters jittery.

He is preemptively warning them not to try that again in advance of the 2020 election.

-PJ

26 posted on 06/11/2019 4:05:15 AM PDT by Political Junkie Too (The 1st Amendment gives the People the right to a free press, not CNN the right to the 1st question.)
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To: ClearCase_guy

I think fed chairman has to be the easiest job in government. Once a quarter they get up and flip a coin to decide whether to raise rates or not.


27 posted on 06/11/2019 4:26:20 AM PDT by napscoordinator (Trump/Hunter, jr for President/Vice President 2016)
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To: Moonman62

Actually, they work on the false premise that the Government can control a market economy by printing fiat currency.


28 posted on 06/11/2019 5:00:50 AM PDT by Cletus.D.Yokel (No dolphins were harmed in the making of this post. They enjoyed the rough handling.)
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To: odawg; bitt

:: Who do you think has been printing money like wild since the Vietnam War? ::

Uhhhh...the CIA?
America’s largest and most successful venture capital investor since the Vietnam war.


29 posted on 06/11/2019 5:03:37 AM PDT by Cletus.D.Yokel (No dolphins were harmed in the making of this post. They enjoyed the rough handling.)
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Thanks so much for your support to this point... I personally apprecaite it...
FReepers, it's far beyond time to wrap up this FReep-a-thon.  Lets do it today.  Please chip in.


President Donald J. Trump and the Free Republic of the United States of America
President Donald J. Trump's address to the United Nations on 09/19/2017.

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...this is a general all-purpose message, and should not be seen as targeting any individual I am responding to...

Just $21.00 dollars to 93.00%

30 posted on 06/11/2019 5:05:34 AM PDT by DoughtyOne (Can I get a shout out for the person(s) who donated $2,000.00 from France? Thanks so much! Wow!)
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To: reaganaut1

Why should Trump back off - the Fed’s hints at coming reductions in the rates is admission that Trump was right and they were wrong ....


31 posted on 06/11/2019 5:09:56 AM PDT by trebb (Don't howl about illegal leeches while not donating to FR - it's hypocritical.)
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To: trebb

Not my people. Sounds like a Joe South song.


32 posted on 06/11/2019 5:55:45 AM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: reaganaut1

The President has spent his life in business unlike most politicians who make their money by political exploitation. I expect President Trump to directly address these issues and applaud him for his knowledge in these areas. You should apologize to him for your mendacity.


33 posted on 06/11/2019 6:21:15 AM PDT by Lent
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To: reaganaut1

The Fed has always been a big bankers’ money making racket. No body has ever audited the Fed. Trump needs to move past fighting with Powell, cut to the jugular and disband the Fed altogether. Just like the rip off on foreign trade the Fed has been ripping off the country under this contrived money system since its inception. Get rid of the Fed, move the country back to the gold standard and place the management of the country’’s finances where it is supposed to be, in the Treasury Department.


34 posted on 06/11/2019 6:36:05 AM PDT by iontheball
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To: reaganaut1

You don’t want politicians directly in charge of the central bank because of the temptation to print money and create a short-term inflationary boom. Interest rates are low, and the Federal Reserve is expected to cut the Fed Funds rate a few times this year. Trump should back off, since his Fed-bashing does not increase the chance they will act.
_____________________________________________
That has always been the commonly accepted line but it just does not wash. The Fed is nothing but a big banker scam. No one knows what they are doing except, as I understand it, they charge the U.S. interest on loans for money that is comes from the Treasury. They never have been audited. Ron Paul has been onto these crooks for decades, but no one seems to care. It’s similar to the rip off by foreign governments on trade that Trump is trying to straighten out. Believe Trump is on to these SOBs. They either reform or else. The ‘else’ with regard to the Fed is to do away with them completely.


35 posted on 06/11/2019 6:53:48 AM PDT by iontheball
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To: ClearCase_guy
Central banks are not our friends.

Yup. Trump was in a sense elected to be Andrew Jackson. If people on the Fed would quit worrying about how they look in the headlines and just focus on doing the right thing this wouldn't be a problem.


36 posted on 06/11/2019 6:57:52 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: DoodleDawg

Unfortunately Trump himself is still appointing people who aren’t his people. That has been his biggest weakness by far.


37 posted on 06/11/2019 7:02:11 AM PDT by 9YearLurker
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To: reaganaut1

38 posted on 06/11/2019 7:20:08 AM PDT by Grampa Dave (Gutless, Stupid Party, GOPe never confronts the compulsive lying Anti America Democrats!)
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To: reaganaut1

The only reason the Fed is backing off and will now likely lower rates in September and December is because Trump has stepped in and pressured them. Powell did tighten way too fast. We have a fragile housing market and the economy is still trying to recover.

The tariff war with China is likely going to cause problems with the markets for awhile. Rates need to remain low.


39 posted on 06/11/2019 7:59:07 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: iontheball
...as I understand it, they charge the U.S. interest on loans for money that is comes from the Treasury.

And any profit they earn, including the interest they collect, goes right back into the US Treasury.

40 posted on 06/11/2019 8:27:53 AM PDT by semimojo
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