by Tierney Sneed, Talking Points Memo, August 2019
President Trump escalated his attacks on Federal Reserve Chair Jerome Powell, whom Trump appointed, in a tweet that labeled Powell as an “enemy” in his ongoing trade war.
Trump’s tweet came after Powell made remarks suggesting that the Federal Reserve was limited in its ability to counteract the effects of Trump’s trade actions.
“While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rule book for international trade,” Powell said, speaking at a symposium in Jackson, Wyoming, according to the New York Times.
For months, Trump has called on Powell to cut interest rates — a pressure campaign that has blown past the norms of independence for the Federal Reserve.
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