The Federal reserve is not known to have the best interests of Americans at heart.
One has to ask the question, what is the real need of the Federal Reserve?
The Dow fell as much as 450 points Wednesday afternoon after Federal Reserve Chairman Jerome Powell said that the quarter-point rate cut that the Fed had approved earlier in the day was a one-off.
The Federal Reserve Chairman Powell lowered interest rates for the first time since 2008 sending the markets plunging.
Lou Dobbbs hammered Powell with this tweet.
Powell strikes. The President is absolutely right about the FED Chair. Powell clearly doesn't know what he's doing & his remarks that sent the markets plunging, are absolutely inexcusable. @realDonaldTrump #MAGA #AmericaFirst #Dobbs
— Lou Dobbs (@LouDobbs) July 31, 2019
President Trump also hammered Powell on Social Media.
What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world….
— Donald J. Trump (@realDonaldTrump) July 31, 2019
….As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!
— Donald J. Trump (@realDonaldTrump) July 31, 2019
President Trump summed it up for most Americans. “As usual Powell let us down.”
