Fed Chairman Powell not listening, he is being reprieved a the enemy of the US economy and the equity markets.
President Donald Trump expressed confidence in the Fed, and its Chairman, Jerome Powell, following reports that he has discussed firing his central bank chief, though the President complained again that interest rates have been rising too quickly.
Asked about Chairman Powell, President Trump told reporters at the White House Tuesday: “They’re raising interest rates too fast. That’s my opinion. I certainly have confidence. I think it will straighten. They’re raising interest rates too fast because they think the economy is so good. But I think that they will get it pretty soon. I mean, the fact is that the economy is doing so well that they raised interest rates and that is a form of safety.”
President Trump also said he has “great confidence in them” after discussing the Fed, though it was not clear if he was referring to the ‘them’ as the central bankers
President Trump has discussed sacking Mr. Powell, people alleged last week. But President Trump concluded at the weekend that it was not within his power, according to Tweets by Treasury Secretary Steven Mnuchin.
Friday, Mohamed El-Erian, chief economic advisor to Allianz, analysis on the Fed’s recent announcement to tighten monetary policy is that Chairman Powell is not communicating the central bank’s message clearly.