Has Trump Already Picked the Next Fed Chair?
Over the last few weeks, I’ve been building a case that the Fed and President Trump are at war with one another.
To review, the basic outline is as follows:
- The Fed participated in the Deep State’s coup against President Trump, intentionally hurt the U.S. economy and the U.S. stock market by aggressively hiking interest rates and shrinking its balance sheet by $600 billion.
- President Trump caught on to this scheme in late 2018. Since that time, he has been planning his revenge – bullying the Fed in to easing policy again, with the ultimate goal of eventually taking over the Fed by designating the control of the U.S. dollar as a matter of national security.
Regarding #2, most recently President Trump has suggested demoting current Fed Chair Jerome Powell if the latter doesn’t begin easing monetary policy soon.
Of course, this raised an important question: Who would President Trump pick to replace Powell as Fed Chair?
Well, last week New York Fed President John Williams positioned himself as the frontrunner for the job…
Trump Takes Notice of New Fed Chair Frontrunner
Last week, Williams suggested that the Fed should cut rates to ZERO as soon as possible.
By the way, the Fed currently has interest rates at 2.25-2.50%. So Williams’ comments indicated that he believes the Fed needs to embark on an extremely aggressive easing cycle right now.
The NY Fed later tried to downplay Williams’ comments as being “off the cuff” and not representing official “Fed views.” But the message was sent loud and clear.
What John Williams did last week was send a message to the President: “If you’re looking for a Fed Chair who will cut rates to ZERO, I’m your man.”
And the President took note:
Inching Closer to the Fed’s July 31 Decision
The Fed is currently in its blackout period during which Fed officials cannot make public statements. It will make its official interest rate decision next Wednesday July 31.
This is the single most important Fed meeting decision in two years’ time.
The President has made it clear that he wants the Fed to start easing now. Moreover, he’s also made it clear that if Fed Chair Jerome Powell is not willing to cut rates, the President plans to demote him and replace him with someone else.
That someone is now John Williams.
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Editor, Money & Crisis