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".

Recycling Numbers Spike After Christmas
However, if you have a live tree, you can place it on the curb, and the city will pick it up between January 2 and January 4. Make sure you remove any bows, ribbons or other embellishments beforehand as these are not recyclable.

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.

Recommended News

  • Actor Frank Adonis dies at 83

    Actor Frank Adonis dies at 83

    Frank's friend Phil Castellano shared a further message on Facebook on behalf of the actor's wife. "He was a great father and an fantastic husband", Adonis' wife said in a statement.
    Cher ‘overwhelmed’ by Adam Lambert’s Kennedy Center Honors tribute

    Cher ‘overwhelmed’ by Adam Lambert’s Kennedy Center Honors tribute

    The honors gala took place in Washington, D.C., earlier this month but will air tonight (Wednesday, December 26) on CBS at 8 p.m. The Oscar victor appeared visibly emotional, however, after Adam Lambert took the stage to perform her 1998 smash, "Believe".

    Seth Rogen Just Ruined 'Home Alone' For People With One Simple Fact

    According to Vanity Fair, the Angels with Filthy Souls scenes were shot especially for Home Alone , and the film's sequel. Many were left baffled by Seth's statement, including Captain America star Chris Evans .
  • Ohio’s minimum wage increasing in 2019

    Ohio’s minimum wage increasing in 2019

    The increases range from a five-cent inflation adjustment in Alaska to a $2 per hour increase in New York City. The institute said the increases will boost wages for affected workers by about $5.4 billion.
    $400K returned to GoFundMe donors after scam; 3 charged

    $400K returned to GoFundMe donors after scam; 3 charged

    It also guarantees a refund for donors in case "something isn't right" with a campaign, the site says. The proceeds of the campaign netted about $367,000 thousand, all deposited into McClure's accounts.
    Israel 'advances plans' for almost  2,200 settler homes

    Israel 'advances plans' for almost 2,200 settler homes

    Authorities in Israel have advanced plans to have almost 2,200 settlement homes illegally constructed in the occupied West Bank . Among the major sticking points in those negotiations was Israel's continued settlement expansion on Palestinian territories.
  • UAE to reopen embassy in Damascus

    UAE to reopen embassy in Damascus

    The UAE reopened its embassy in Damascus on Thursday to normalise ties and prevent the danger of "regional interference". A Syrian passenger flight flew to Tunisia on Thursday for the first time in almost eight years.
    Land Rover Defender returns to the U.S. , and that's awesome as hell

    Land Rover Defender returns to the U.S. , and that's awesome as hell

    Land Rover announced Thursday that the next-generation Defender will once again be offered for sale in the USA and Canada. Land Rover's boxiest, foxiest SUV - has been forbidden fruit for the USA for the last two decades or so.
    Inclement weather shuts down bowl game that Dallas paid oodles for

    Inclement weather shuts down bowl game that Dallas paid oodles for

    BC jumped out to an early 7-0 lead on a nice 19-yard touchdown run by A.J. Usually the weather plays out to play the game.
  • Toby Alderweireld could leave Spurs - for £25 million

    Toby Alderweireld could leave Spurs - for £25 million

    Tottenham Hotspur are to trigger a year-long extension in Toby Alderweireld's contract, which will reportedly contain a £25m buyout clause.
    Kentucky man accused of throwing Christmas ham

    Kentucky man accused of throwing Christmas ham

    After investigating, deputies learned a family was arguing over which day to have Christmas dinner. Several items were scattered across the kitchen floor, the sheriff's office said.
    Turkey ‘collaborating’ with other nations on Khashoggi probe

    Turkey ‘collaborating’ with other nations on Khashoggi probe

    Khashoggi's murder prompted an unprecedented worldwide outcry and forced many countries to reassess their ties with Riyadh. A team of Saudi agents killed him at the Saudi Consulate in Istanbul on October 2.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.