{"id":36084,"date":"2018-07-20T08:26:45","date_gmt":"2018-07-20T13:26:45","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36084"},"modified":"2018-07-20T08:26:45","modified_gmt":"2018-07-20T13:26:45","slug":"is-trump-starting-to-lean-on-the-fed-or-setting-it-up","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36084","title":{"rendered":"Is Trump Starting To Lean On The Fed Or Setting It\u00a0Up?"},"content":{"rendered":"

Is Trump Starting To Lean On The Fed Or Setting It\u00a0Up?<\/a><\/h3>\n
\n

President Trump said in an interview with CNBC\u2019s Joe Kernan this morning<\/a> he \u201cdoes not agree\u201d, is not \u201cthrilled\u201d or \u201chappy\u201d with the FOMC\u2019s interest rate hikes.\u00a0 The full interview and transcripts will be available tomorrow.<\/p>\n

\"Jul19_Trump<\/p>\n

Click here<\/a> for excerpt of interview<\/strong><\/em><\/p>\n

You Heard It Here First<\/strong><\/p>\n

Presidents never, or rarely comment on monetary policy or currency market moves. for that matter,\u00a0 x\/ the hackneyed meme \u201ca strong dollar is the best interest of the United States.\u201d<\/p>\n

President Trump hit them all in this interview today, from the Fed to the Euro and Chinese RMB (\u201cdropping like a rock\u201d).\u00a0 It doesn\u2019t surprise us.<\/p>\n

Recall our March 21st post,\u00a0The Biggest Risk At The\u00a0Fed.<\/a><\/strong><\/em><\/p>\n

But this doesn\u2019t concern us as much as the Fed\u2019s independence.<\/strong><\/em><\/p>\n

\u201cJust let it rip\u201d<\/strong><\/em><\/p>\n

That is we are worried more about the freedom from White House pressure and interference in conducting monetary policy than getting a few bps wrong on the Fed Funds rate.\u00a0 \u00a0This is especially true and relevant given the strongman tendencies and\u00a0\u00a0lack of respect for institutional norms<\/a>\u00a0of the current president.<\/strong><\/em><\/p>\n

Here is Larry Kudlow, the president\u2019s new chief economic adviser:<\/strong><\/em><\/p>\n

\u201cJust let it rip, for heaven\u2019s sake,\u201d Kudlow said of economic growth in the U.S., during a more than hour-long interview Wednesday on CNBC. \u201cThe market\u2019s going to take care of itself. The whole story\u2019s going to take care of itself. The Fed\u2019s going to do what it has to do, but I hope they don\u2019t overdo it.\u201d\u00a0 \u2013\u00a0CNN
\n<\/a>\u2013\u00a0Global Macro Monitor,\u00a0 March 21, 2018<\/a><\/strong><\/em><\/p><\/blockquote>\n

We were assured by Fed insiders shortly after that post in March Chairman Jerome Powell was tough and we should not underestimate his independence.\u00a0 \u00a0He has thus far proven to be an extraordinarily competent Fed leader.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Is Trump Starting To Lean On The Fed Or Setting It\u00a0Up? President Trump said in an interview with CNBC\u2019s Joe Kernan this morning he \u201cdoes not agree\u201d, is not \u201cthrilled\u201d or \u201chappy\u201d with the FOMC\u2019s interest rate hikes.\u00a0 The full interview and transcripts will be available tomorrow. Click here for excerpt of interview You Heard […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[122,7844,303,15450,431,8625,3650],"class_list":["post-36084","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-bank","tag-donald-trump","tag-fed","tag-global-macro-monitor","tag-interest-rates","tag-quantitative-tightening","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36084"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36084\/revisions"}],"predecessor-version":[{"id":36085,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36084\/revisions\/36085"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}