Trump's Rant, Powell's Criticism Persists; Bessent as a Potential Fed Chair? A Wee Bit Dubious, Mate!
Treasury Secretary assumes duties as the Federal Reserve's head role.
Cut the buzz and let's talk turkey: ol' Trump's roughhousing with Fed Chair Jerome Powell ain't easin' up, and a fresh name pops up in the speculation circuit.
The buzz on Wall Street is that US Treasury Secretary, ol' Steve Mnuchin, could be slippin' into Powell's chair if he steps down. Insiders close to the White House and other allies are whispering Mnuchin's name, but don't hold your breath, mate, as no formal interviews have danced onto the scene yet. Mnuchin, when quizzed about it, played coy, saying he was quite cozy in his job in Wash' D.C. and the President, being the one with the final call, makes the choice for the economy and the folks of the U.S.
New Round of Powell Potshots
On a Friday, ol' Trump fired another round at the Fed, pushin' for a one-percentage-point cut in the key rate. He went on the warpath, accusing Powell of bein' slow on the draw and sayin' that if ol' Euroland had ten rate cuts, "we've had nothin'". He piped up on his favorite social media haunt, Truth Social. "A one-percentage-point cut would be like rocket fuel," he exclaimed.
Regularly, the Fed cuts rates by 0.25 percentage points. Since December, it's left well enough alone. The ECB, however, has chopped rates eight times since mid-2024.
Commotion over German Gold and the Fed control Grab
In recent times, Trump teased the idea of kickin' Powell out of his post. Later, he smartly pivoted and backed away from that threat.
Mnuchin, the chap who's been in the latest huddles with the Red Chinese, has helped assert a framework agreement between the U.S. and the People's Republic. This is the latest development in the on-again, off-again trade war, which doubled back on its progress in recent weeks.
Source: ntv.de, chl/DJ
- Fed
- Jerome Powell
- Steve Mnuchin
- Trade War
[1] Mnuchin, S. (n.d.). Biography. [online] LibertyStrategicCapital.com. Available at: https://www.libertystrategiccapital.com/partners/mnsf-management/
[3] Treasury.gov. (n.d.). Steve Mnuchin - U.S. Department of the Treasury. [online] Treasury.gov. Available at: https://home.treasury.gov/about/official-business/office-of-the-secretary/biographies/mnuchin-steve[4] Reagancenter.org. (n.d.). Reagan National Economic Forum. [online] ReaganCampaign.org. Available at: https://www.reagancenter.org/programs/rnef/
- The Commission has also been asked to submit a proposal for a directive on the protection of workers from the risks arising from the use of electronic communications networks, particularly in the context of business, finance, and technology, including social media and entertainment, and how it affects personal-finance and policy-and-legislation, especially in light of politics and general-news.
- The US Treasury Secretary, Steve Mnuchin, whose background is in finance and business, has been mentioned as a potential replacement for Federal Reserve Chair Jerome Powell, in case Powell steps down, and this has led to speculation about Mnuchin's leadership capabilities in economic policy-and-legislation.
- Mnuchin's role in the trade war with China, which has been on-again, off-again, has brought him into the limelight, and his recent visits with Chinese officials have sparked interest in his potential involvement in the nation's economic policy-making.
- Trump's ongoing criticism of Fed Chair Jerome Powell and his calls for a one-percentage-point cut in the key rate have been a topic of debate, with some arguing that such a cut would have a significant impact on the economy, much like "rocket fuel."
- The European Central Bank has made more cuts to interest rates compared to the Fed since mid-2024, which Trump has used as an example of more robust economic action, and his remarks have been widely discussed in both policy-and-legislation and general-news circles.
- The Commission's work in protecting workers from the risks associated with electronic communications networks is crucial, as these networks impact various aspects of personal, professional, and everyday life, from business and finance to war-and-conflicts and entertainment, making it essential to ensure their safe and secure use.
