UPDATE….
…The Federal Reserve took emergency action and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset impact of the coronavirus outbreak….
LATimes…
Donald Trump is NOT gonna remove the Federal Reserve’s Chairman of the Board….
To do so would send the stock market and the countries financial community in a drop off the cliff spiral….
Donald Trump probably has become aware that he’s the fool with a virus whgipsawing a country try into a hysterial frenzy that will subside in a month or two, but?
Will leave a blending America economy that he is at a loss to take car of with just bull shit….
The bull shit part hasn’t worked with the virus…
Trump HAS to be scared for his job with the economy…
Trying to blame Fed Chair Powell isn’t gonna go anywhere he will be told…
And he will be told to leave Powell the fuck alone…
Trump doesn’t legally have the ability to fire Powell probably…
But as has been his thing in the past?
Those who don’t do things HIS way he tries get rid of…
Right now?
Donald Trump is a passenger to the happenings just the rest of us…
He is incapable of exhibiting ANY leadership…
It just isn’t who he is….
The mere hint that Mr. Trump could fire Mr. Powell, or demote him to a Fed governor, risks further destabilizing markets by worrying investors, who are already fretting over the economic fallout from shut-down businesses, quarantined workers and curtailed activity.
Investors have been looking to the Fed to help contain the economic fallout, and Mr. Powell led his colleagues in slashing interest rates by half a percentage point in one of the earliest global central bank responses to the coronavirus. The Fed has also been active in soothing disorderly markets over the past week.
“If he removed Jerome Powell, it would be hugely destabilizing to markets,” said Ernie Tedeschi, a policy economist at Evercore ISI in Washington. “The market trusts Jerome Powell to do what monetary policy can do. Jerome Powell gets it.”
As coronavirus cases mount globally, upending supply chains, canceling travel plans, emptying restaurants and closing offices, analysts are penciling in an increasingly severe economic impact. Some now expect the United States to fall into a recession this year.
That has caused a dramatic sell-off in stocks and wild moves across corporate and government bond markets. The Fed has been intervening to keep the financial system functioning smoothly.
The central bank’s policy-setting committee meets this week in Washington, and it is widely expected to cut interest rates — perhaps to near zero — at or before that gathering. It could also renew bond buying or roll out other emergency programs meant to stabilize the inner workings of financial markets, economists expect.
Mr. Trump probably does not have the legal authority to fire Mr. Powell, whom he nominated in 2017 but who was confirmed by Congress. It is less clear whether the president could demote him, but if he tried, the Federal Open Market Committee — which sets interest rates — could still select Mr. Powell as its leader, rendering any new chair mostly irrelevant.
This is not the first time Mr. Trump has aired the idea of removing his hand-selected Fed chair. In December 2018, after the Fed raised rates, the president privately talked about firing Mr. Powell, telling advisers that the Fed chair would “turn me into Hoover,” a reference to the Great Depression-era president Herbert Hoover. The statements caused jitters on Wall Street….
image…businessinsider.com