HOT DAMN!
This ought to get Trump REALLY Upset!….
Jerome H. Powell has wrapped up his final news conference as chair of the Federal Reserve. The two-day meeting was notably more divisive and candid than what the Fed usually reveals. Here are a few takeaways:
The biggest news out of the Fed meeting was that Powell plans to stay on as a Fed governor after his term as chair ends May 15.
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Powell, in announcing his decision to stay, cited legal threats against the institution and warned that the central bank’s independence was “at risk.”
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He did not say how long he would stay on as a governor, a position he can hold until January 2028.
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Powell vowed that he would maintain a “low profile” at the Fed when he continues to serve as a governor, underscoring his desire to have a smooth transition when Kevin M. Warsh, President Trump’s pick to be the next chair, takes over.
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Powell also downplayed any suggestion that Mr. Warsh is taking over a Fed that has lost credibility. “Any new Fed chair has the same situation, which is you’ve got 18 colleagues on the F.O.M.C., 11 of them vote during any year, and your job is to create consensus,” he said. Warsh “has the capabilities, skills to be very good at that,” he added.
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With Powell still at the Fed as governor, Trump will be denied a chance to appoint another of the central bank’s seven-member board of governors.
The Fed held rates steady, as expected, but the decision was much more divisive than expected…..
More….
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