President Donald Trump has criticized Federal Reserve chief Jerome Powell for not cutting interest rates as much and as quickly as the president wants.

cross-posted from: https://beehaw.org/post/24179103

Federal prosecutors have opened a criminal investigation of Federal Reserve Chairman Jerome Powell, he confirmed on Sunday evening.

Powell said the probe was the result of the Fed “setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of” President Donald Trump.

Terrible precedent that will harm our economy’s ability to recover from high unemployment or inflation.

Powell’s statement is worth a read

  • porcoesphino@mander.xyz
    64·
    2 days ago

    This is crazy on its own. Crazier that its before the case for Cook’s removal gets to the Supreme Court. And crazier again because he’s set to be replaced as the head in a few months anyway

    • DarkCloud@lemmy.world
      62·
      2 days ago

      I find it crazier that Trump’s first year in office isn’t over yet. Inauguration was 20th Jan 2025.

      Imagine what a democratic socialist of this level could achieve. A country could be completely rejuvenated using the same methods in the other direction.

      … except I guess the billionaires wouldn’t be so cooperative.

      • porcoesphino@mander.xyz
        291·
        1 day ago

        A lot of those methods involve completely ignoring people’s interests or the legal system, the international order, deliberately trying to kneecap institutions that get in your way, filling the government with people of one political view while trying to remove those of the other political views, threats, bribes, and weaponising the justice department. I can see how that worked to get more done but I think even with noble goals thats a pretty expensive cost to get there

      • Rhaedas@fedia.io
        20·
        1 day ago

        Maybe not. It takes a lot longer and greater resources to build something than to destroy it.

    • kiku@feddit.org
      18·
      1 day ago

      Also crazy because Trump was the one who made Powell the chair of the Fed.