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It was 0% interest rates before then that actually caused problems. Raising rates should have happened sooner but trump threatened to fire Powell if he did.
by asimpletune 4y ago
It was 0% interest rates before then that actually caused problems. Raising rates should have happened sooner but trump threatened to fire Powell if he did.
- fallingknife 4y agoNot true. Powell raised rates, and then Trump threatened to fire him. Powell continued to raise rates anyway. The Fed takes no shit from the president or congress. edit: HN is rate limiting me, but to see why the commenter below is wrong, just zoom out the chart he linked to 5 years view.
- throwaway12245 4y agoSee here for clarification: https://tradingeconomics.com/united-states/interest-rate https://tradingeconomics.com/united-states/interest-rate Trump was out of office for a long time before fed rates started to rise. Fed was late, should have stomped on inflation early.
- perfecthjrjth 4y agoJanet Yellen during Obama's second term didn't want to raise interest rates to protect Democrats. However, she wanted to raise interest rates during Trump. That's why Trump didn't renominate her. Why blame Powell here? Blame Janet Yellen, when she should have started raising rates under Obama.