Home / World / Federal Reserve Chair Jerome Powell keeps trying to fight off his big bully — Trump

Federal Reserve Chair Jerome Powell keeps trying to fight off his big bully — Trump



Federal Reserve Chairman Jerome Powell is doing everything he can to address the market's major concerns that monetary policy is being driven by President Donald Trump's Twitter account.

Obviously, a highly active Twitter presidential account that dictates interest rates would not be good for the markets at any time.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" I give Powell a lot of credit – a lot of people would have said he is in debt [to Trump]"Said veteran strategist Matt Maley at Miller Tabak at & Finance nbsp;The first trade. "I think Powell has a lot more backbone than many people give him credit for." Data-reactid = "17"> "I give Powell a lot of credit, many people would have said he's in debt [to Trump]"Said veteran strategist Matt Maley of Miller Tabak in The First Trade of Yahoo Finance." I think Powell has a lot more spine than many people give him credit for.

Others around Wall Street seem to agree with Maley.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" It has been very consistent with the independence of the Fed as everyone has been on the board of governors of the Fed ", & nbsp;Pimco's public policy chief, Libby Cantrill, told Yahoo Finance"data-reactid =" 19 ">" It has been very consistent with the independence of the Fed, as have all the members of the Board of Governors of the Fed, "Pimco's public policy chief Libby told Yahoo Finance Cantrill.

"This president has a very unconventional approach to the Fed, needless to say, but from a market perspective, Powell reaffirming the independence of the Fed is absolutely useful," Cantrill added.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Apart from coming directly in prepared comments to the House of Representatives of the United States on Wednesday and reiterating the independence of the Fed, & nbsp;Powell once again stated that he has no intention of being expelled& nbsp; for the lowest interest rate you look for Trump if you are asked. "data-reactid =" 21 "> In addition to presenting prepared comments to the US House of Representatives on Wednesday and reiterating the Fed's independence, Powell stated once again that he has no intention of being rejected for the fee. of lower interest, looking for Trump if they ask for it.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" Of course, I would not do that, "& nbsp;Powell told Representative Maxine Waters& nbsp; (D-CA) on Wednesday when he was pressed if he would leave if Trump asked him. "What I have said is that the law gives me a term of four years and I intend to comply with it." "Data-reactid =" 22 ">" Of course, I would not do it, "Powell told Representative Maxine Waters (D-CA) On Wednesday, when pressed, he would retire if Trump asked." What I said is that the law gives me a period of four years and I intend to fulfill it. "

It's a response that Powell has come to use in recent months when asked about his relationship with Trump.

Stock market rally

As far as the stock market is concerned, the battle between Trump and Powell is likely to take place in the foreseeable future.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The S & amp; P 500 (^ GSPC) The rally continued this week, with the index breaking through the 3,000 mark when Powell struck another moderate tone before the next FOMC meeting on July 30-31. Meanwhile, the & nbsp;The Dow Jones industrial average eclipsed 27,000 on Thursday& nbsp; while Powell retained his moderate position in the testimony before the Senate. "data-reactid =" 26 "> The S & P 500 rally (^ GSPC) continued this week, with the index breaking the 3,000 mark when Powell hit another moderate tone for Legislators before the next FOMC meeting from July 30 to 31 Meanwhile, the Dow Jones Industrial Average eclipsed 27,000 on Thursday when Powell maintained his moderate stance on the Senate.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Risky areas of the market – notably technology highly valued actions such as from Amazon (AMZN) and Apple (AAPL) – continue to melt amid the possibility of obtaining even cheaper money from the Federal Reserve. "Data-reactid =" 27 "> Areas of market risk, especially high-value technology stocks such as Amazon (AMZN) and Apple (AAPL) – continue to melt amid the possibility of obtaining even cheaper money from the Federal Reserve .

"Powell is doing what he believes is right for the economy and what the Federal Reserve Board believes is right for the economy. I think he will continue to do that, "said Maley.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Brian Sozzi is a general editor and co-host of 'The first trade'In Yahoo Finance. Follow him on Twitter @BrianSozzi"data-reactid =" 29 ">Brian Sozzi is a general editor and co-host of 'The first trade'In Yahoo Finance. Follow him on Twitter @BrianSozzi

The morning live show of Yahoo Finance.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read the latest financial and business news from Yahoo Finance"data-reactid =" 43 ">Read the latest financial and business news from Yahoo Finance

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