Former President Donald Trump told Fox News that if he gets re-elected, he won't reappoint Fed's Jerome Powell due to his interest rate decisions.
  • Trump accused Fed Chair Powell of making politically motivated decisions on interest rates.
  • He said Powell is considering interest rate cuts this year to help Democrats.
  • Powell has emphasized he does not have a role in policymaking and will continue to weigh economic data.

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The head of the nation’s central bank isn’t getting former President Donald Trump’s stamp of approval.

On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell’s handling of the economy, particularly regarding interest rates. While Powell has previously maintained his position does not have anything to do with policymaking, Trump accused the bank’s chair of being “political,” and making decisions that will help Democrats in the upcoming elections.

“I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates,” Trump said, adding that “it looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected.”

  • DogPeePoo@lemm.ee
    194·
    10 months ago

    Forget the “left” or the “right”, Powell is there to aid the affluent with wealth preservation as his overarching goal while fucking the everyday citizen right in the asshole

    • givesomefucks@lemmy.worldEnglish
      164·
      10 months ago

      Which is what both major political parties want.

      Biden is 1000x better than trump, but if this is the best we can do, we’re fucked as a country.

      Wealth is going to keep concentrating and both parties are going to care less and less about democracy.

      The DNC is just a decade or two behind the RNC. And as long as the only standard for a Dem is “better than the current republican” both will keep going down the shitter at the same rate, one is just starting from a lower position

      • forrgott@lemm.ee
        7·
        10 months ago

        Ugh. I hate that I agree with you. Nothing personal, of course! I just wish there was more to be optimistic about in regards to American politics.

        I find I agree more and more with those that encourage people to get involved with local politics. It’s such a long shot, but if there’s any chance at fixing things from within the current system, it has to be at a local level.

        • givesomefucks@lemmy.worldEnglish
          12·
          10 months ago

          but if there’s any chance at fixing things from within the current system, it has to be at a local level.

          Ask any blue city in a red state if local is enough…

          That’s where the solution starts, but this is like climate change. We’re not going to fix it overnight, it’s going to take decades of hard work and we’re going to have to keep working to maintain it or it’ll just happen again later.

          We gotta try, but we need to be honest about how hard it is and how long it will take.

    • Heresy_generator@kbin.social
      0·
      10 months ago

      The amount of power conspiracists attribute to a man with single lever is insane. The wealthy go into apoplectic rage every time the Fed raises the interest rates because it undermines their ability to fund their VC Ponzi schemes with borrowed money and yet the Fed did it over and over again throughout 2022 and 2023.

      The Fed is there to keep inflation from spiraling out of control on one end and to prevent a recession on the other. That’s it. They don’t have the kind of tools to finely tune the economy to “aid the affluent” while “fucking the everyday citizen”; that’s just unregulated capitalism.