Opinion: Trump worries about being betrayed by the new Federal Reserve chairman and no longer being under his control after taking office.
AI Summary2 min read
TL;DR
Trump expresses concern that new Fed Chair nominees may change their stance after taking office, becoming less loyal and independent, as he criticizes current Chair Jerome Powell for being slow on interest rates.
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AORATrumpFederal ReserveFed Chairinterest ratesJerome Powell
According to Mars Finance, on January 22, Nick Timiraos, a Wall Street Journal reporter known as the "Federal Reserve mouthpiece," wrote that Trump's speech in Davos revealed his views on the Fed Chair nominee and exposed his deep-seated anxieties: candidates say what Trump wants to hear during interviews, but once in office, they revert to their true selves. Trump's exact words were: "I will announce the new Fed Chair in the near future. Everyone I've interviewed is excellent. The problem is, once they're in office, they change, and they really do change. They say what I want to hear, and then they're in office, their six-year terms are set, and suddenly they say, 'Let's raise rates a little.' I call them, and they say, 'Sir, we don't want to talk about that.' It's amazing how much people change once they have a job. It's a bit disloyal, it's a shame, but they have to do what they think is right. Our current Fed Chair is terrible, Jerome Powell 'Late'. He's always a step behind, especially on interest rates, he's incredibly slow." However, before the election, he seemed quite suitable for the opposing camp. So we are about to welcome an excellent candidate, and hopefully he can handle the job well.