Should President Donald Trump pull off the unthinkable and win re-election 2020, then he will probably wish Federal Reserve Chair Jerome Powell the best of luck in his future endeavors.
To say that Trump regrets nominating Powell would be an understatement.
Recent reports suggest that the White House considered demoting Powell in February. But is this accurate? Not according to Larry Kudlow, the chief economic advisor to President Trump.
He told reporters: “The Fed is independent. They’ll act on their own time, in their own way.”
Kudlow did not confirm if the administration is considering the move in the future, though.
The better option for Trump is to abolish the Federal Reserve System.
The Fed will complete its June Federal Open Market Committee (FOMC) meeting on Wednesday, where it is unlikely to pull the trigger on cutting interest rates. But it might hint at a 25-basis-point rate cut in July, which is what the market is expecting.
That said, you gotta feel bad for Powell because he has been a punching bag.
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