Jerome Powell just made one admission about Trump’s tariffs that has the President seeing red
Powell drops bombshell confession at Portugal conference
Jerome Powell has been a thorn in Donald Trump’s side since day one.The Federal Reserve Chair keeps finding new ways to sabotage Trump’s economic agenda.
And Jerome Powell just made one admission about Trump’s tariffs that has the President seeing red. Federal Reserve Chair Jerome Powell traveled all the way to Portugal to deliver what might be the most tone-deaf comments of his entire career.
Speaking at a financial conference on Tuesday, Powell essentially admitted he’s been holding the American economy hostage over President Trump’s tariff policies.
The confession came when Powell was asked directly whether the Fed would have cut interest rates more aggressively if not for Trump’s tariffs.
"So I do think that—I think that’s right," Powell responded. "We’re in effect—we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs."
Instead of following the economic data, Powell has been making political calculations about Trump’s trade policies.
Current Annual inflation for the 12 months ending in May 2025 is 2.35%. Interest is at 4.5%
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4 comments:
I just don't understand why they can't fire him, if Trump can fire all these other people why can't they fire Jerome Powell too and he knows that Trump doesn't want him in that position anymore so why doesn't he just step down or why isn't he fire him and put someone else a sign a new person for that duty and tell him that he's not welcome anymore in his administration or in the government right now while he's holding office!
Trump appointed him in his first term. Powell's term ends next year. I don't know why you would be so exercised about it, unless your investments are compromised. High interest rates are great if you're in Treasuries, and if you're waiting to buy a house, 1% or so, doesn't make much difference. The interest rate on your home loan, is one of the few meaningful tax deductions left.
Where do you come up with your rate? Trump sent Powell a chart showing we have the highest rate in the world and its costing us--as we are losing hundreds of billions of dollars due to its current target rate of 4.25% to 4.5%.
I didn't say the rate was 1 percent. I said lowering it by 1%. Sorry. i didn't mean to make that confusing.
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