In the wake of the tame May CPI report, the Trump Administration publicly pressured the Fed to cut rates on social media. CNBC reported that Trump called Powell a “numbskull” and he “may have to force something” if Powell doesn’t act.
No serious economist takes Trump’s desire to cut rates by 1% seriously. However, as Jerome Powell’s term as Fed Chair nears its end, it is useful to consider how a Trump-dominated Federal Reserve might affect future policy in the future.
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