Odaily Planet Daily reports that although some economists later echoed Trump, believing that the Federal Open Market Committee (FOMC) should cut interest rates, Trump’s public outbursts of anger were extraordinary: Trump called him “Too late Powell,” “Stubborn Mule,” “Big Loser,” and “Fool.” Wall Street was uneasy about these attacks. Even though they hoped to see a rate cut, they did not want the central bank’s independence to be threatened. The Fed’s defenses are facing Trump’s impact, with insiders “playing it safe.” After Trump abandoned the idea of firing Powell, he turned his focus to other FOMC members. In September, he attempted to pressure Federal Reserve Governor Cook via social media, accusing her of mortgage application fraud. Cook denied the allegations and took the case to the Supreme Court. The hearing is scheduled to begin in January next year. (Jin10)
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