Fed chair’s job is not in jeopardy, White House economic adviser says

Jerome Powell chairman of the Federal Reserve

Jerome Powell chairman of the Federal Reserve

"Very talented, very smart person".

On Tuesday, Trump had complained that the Fed is raising interest rates too quickly, this after a precipitous 650-plus point plunge in the Dow Jones Industrial Average in a shortened pre-holiday trading session on Monday.

"They're raising interest rates too fast", he said in the Oval Office after a Christmas Day phone call with U.S. troops. "I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute awful thing to do at this time especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so, "' Powell tweeted.

"The fact is the economy is doing so well they're raising interest rates", he said.

President Donald Trump had attacked Powell earlier in the week as the only problem the economy faces. "So I think it's a tremendous opportunity to buy". "Really a great opportunity to buy".

Mauricio Pochettino Comments On January Transfer Window For Spurs
Now we're in four competitions when last season we were in three because we were out of the Carabao Cup. "It is the same situation as Jan [Vertonghen]", he said.

The United States treasury secretary has on Monday, called the chief executive officers (CEOs) of six biggest banks of the USA and organized plans to summon a "plunge protection team", amid the U.S. government partial shutdown.

The treasury stated: "The CEOs confirmed that they have ample liquidity available for lending", adding that Mnuchin "also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly".

"While Mr. Trump has singled out the Fed as the source of market turbulence, former senior economic officials have privately warned the White House that the president's tweets and statements are making matters worse".

The Fed hiked interest rates again last week, as had been widely expected. Trump has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed.

Bottom line: Trump's ego and his economic team's incompetence not only threaten the stock market, but could tank the whole economy. The broader S&P 500 fell 2.7%, to close more than 19% from its record high, and less than 1% away from the 20% drop that would put it in bear market territory and ending an nearly ten-year bull market in stocks.

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