Economic News | March CPI lower than expected

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Trump Has for Months Privately Discussed Firing Fed Chair Powell​

The president hasn’t made a decision on whether to try to oust Powell, and some of his advisers have warned against the move​



“…In meetings at the president’s private Florida club, Mar-a-Lago, Trump has spoken with Kevin Warsh, a former Fed governor, about potentially firing Powell before his term ends and possibly selecting Warsh to be his replacement, the people said.

Warsh has advised against firing Powell and has argued that he should let the Fed chair complete his term without interference, according to the people. The conversations with Warsh carried into February, while others close to the president have spoken to Trump about firing Powell as recently as early March, the people said.

At a meeting in the Oval Office on Thursday, Trump expressed confidence that he had the authority to oust Powell. “If I want him out, he’ll be out of there real fast, believe me,” Trump said. The president added that he is “not happy” with Powell and accused him of “playing politics” with interest rates.

Any effort by Trump to fire Powell would almost certainly end up before the Supreme Court. It could leave a cloud of scrutiny over Powell’s ultimate replacement, and any prospect that the Fed chair could be sacked over a policy dispute would likely tank financial markets. …”
 
Healing said:
Trouble with this Powell talk is regardless if Trump fires him, Powell is done next year. At which point, Trump nominates Kid Rock to the fed chair, and the reckoning happens next year, when our international relationships and trade policy are even further in the shitter.
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I'd laugh if I weren't too busy crying.
 
Healing said:
Does he truly not understand the link between interest rates and inflation? Or tariffs and inflation? I mean, low interest rates plus a high tariff and isolation regime is a strategy to trigger stagflation, is it not?

This truly is as though Putin is making US economic policy.
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You are not appreciating that Trump is playing 96 dimensional chess. Here is the strategy that worked in last term:

1 ) create a recession via tariffs much like he did with his mismanagement of the pandemic in his 1st term
2 ) reduce consumer demand by increasing unemployment and increasing job insecurity
3) less consumer demand leads to stalling an increase in consumer prices

4) all the MAGAs wax nostalgic and rejoice that once again Trump has saved our economy from runaway inflation and needs to run for a 3rd term
 
ChileG said:
This guy is such a fucking moron. He “fixed” it by putting a (partial) pause on the stupid shit that everyone told him was causing the issues.
“Look how smart I am! There was an issue with me shooting myself in the dick so I stopped shooting myself in the dick. But I'm still considering shooting myself in the dick again, in the future, if no one will kiss my stinking ass."
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Added a little more.
 
So the dollar is falling. Crude oil prices are falling. But if the dollar falls, does that mean we won't see a corresponding or equal fall in the price at the pump?
 
lawtig02 said:
When we're drafting a new constitution when all this is done, I hope we'll remember to include that any commentary by a president on fiscal policy should result in an automatic lifelong exile to Elba.
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I agree with that, except that I think you typed fiscal when you meant monetary. Fiscal policy is the joint responsibility of Congress and the president. Monetary is what the Fed does. I'm pretty sure you know that and just mistyped; I'm clarifying for other readers.

Also, Elba ain't good enough. Napoleon came back from there. How about Easter Island?
 
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