Following the president’s tariff announcement on Wednesday and the stock price plunge over the next two days, investors hoping for a rather slashing pivot from the Fed will need to wait at least a little longer.
“We are well positioned to wait for more clarity before considering adjusting our policy attitudes,” Federal Reserve Chairman Jerome Powell said in preparation for the association’s preparation to advance the annual meeting of business editorial and writing. “What is too early to say is the right path for monetary policy.”
Noting that tariffs are “significantly larger” than expected, Powell said it is the Fed’s job to ensure a temporary increase in inflation is guaranteed.
Perhaps in the hopes of him taking a more incredible stance, he bouncing off Powell’s speech a little bit earlier, with Bitcoin (BTC) falling below $83,000, almost flat for 24 hours. The code is far better than stocks, with the Nasdaq down 4.2% following the 6% fall yesterday.
President Trump lets him know what he feels like
Minutes before Powell’s speech, the president threw away the gauntlet for the Fed’s chair.
“This is probably the best time for Fed Chairman Jerome Powell to cut interest rates,” Trump said in a true social post. “He’s always ‘slow’, but he now changes his image and can quickly… cut interest rates, cut Jerome, stop politics. ”
