America’s president just called the head of the central bank an “enemy.” Donald Trump had a strong message for the chairman of the Federal Reserve. Even though at first he tweeted “Jay Powel,” (referencing his nickname and misspelling his last name, before correcting it). Typos aside the President made it clear he believes Powell isn’t doing enough to juice the U.S. economy.
All eyes were on Powell this morning as he spoke in Jackson Hole where he said he believes the U.S. economy is in a good place but there are significant risks from slowing global growth and Donald Trump’s trade war with China. Powell said a small interest rate cut may be needed but that’s not what Trump wants. He wants interest rates to be cut by a point. It wasn’t long after the speech that Trump slammed Powell.
And the stock market took a nosedive shortly after Trump’s tweet.
Powell was appointed by Donald Trump.
