Pres. Trump tweet keeps the pressure on the Fed
President Trump is back on the Fed, criticizing them for “calling it wrong for too long”.
Earlier today, former NY Fed president William Dudley in an op-ed on Bloomberg, argued for the Fed to not help Pres. Trump’s “disastrous path of trade war escalation”. Dudley even suggested that the Fed tried to influence the 2020 election by not cutting rates further. He argues that Pres. Trump’s reelection threatens the US and global economy, and the Fed’s independence, as well as its ability to achieve its employment and inflation objectives.
The Federal Reserve replied via a spokeswoman saying:
“The Federal Reserve is policy decisions are guided solely by its congressional mandate to maintain price stability and maximum employment”
US stocks are near low levels.