The Trump-Powell feud isn't slowing down. But a bigger story is being missed. [View all]
If ever there was a case of political miscalculation, it’s the collapsing relationship between President Trump and the chair of the Federal Reserve Board, Jerome H. “Jay” Powell.
Trump seems to have believed that he could easily manipulate Powell into embracing an aggressively easy monetary policy whose main objective was Trump’s reelection. For his part, Powell seems to have believed that, although Trump would periodically challenge the Fed’s behavior, he would fundamentally respect its “independence.”
Wrong on all counts.
Instead, we’ve gotten a schoolyard brawl. After the Fed’s decision last week to cut its key lending rate (the Fed funds rate on overnight loans among banks) by a quarter of a percentage point (to a range of 1.75 percent to 2 percent), apparently not enough for Trump, the president unleashed one of his furious tirades. “Jay Powell and the Federal Reserve Fail Again,” Trump tweeted. “No ‘guts,’ no sense, no vision!”
https://www.washingtonpost.com/opinions/the-trump-powell-feud-isnt-slowing-down-but-a-bigger-story-is-being-missed/2019/09/22/8be52bbe-dbe7-11e9-ac63-3016711543fe_story.html
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