Why don't people like the Federal Reserve
US monetary policyThe Federal Reserve holds the key rate
Once again, the top monetary authorities of the United States sat down for two days to assess the global economic situation and then to draw the following conclusion: Everything remains the same.
The Fed leaves the key interest rate unchanged in the range of 2.25 to 2.5 percent, Jerome Powell confirmed the general expectations and also announced that it will continue to act "patiently", as he said - the markets interpret this formulation as a clear indication on the fact that the US Federal Reserve will not take any further interest rate hikes in the foreseeable future. Powell called the economic development stable - growth and the labor market developed better than expected, inflation remained slightly below expectations
Promising talks with China
The global risks that had been identified at the beginning of the year persist, but in the opinion of the central bankers they are overall no longer as serious, said Powell: The Fed chairman called the signals from China and Europe encouraging; the danger of a disorderly Brexit has been averted for the time being, the talks in the trade dispute between China and the USA are promising.
According to the television broadcaster CNBC, a new trade agreement between the USA and China can possibly be concluded by Friday - but the broadcaster did not name sources for this assessment. But Fed Chairman Powell was also cautiously optimistic about the progress of the talks. Overall, the economy is on a healthy path - the Fed sees its monetary policy confirmed.
Trump continues to criticize the Fed chief
If it weren't for Donald Trump: the president once again grabbed the Fed's boss by the spokes. Trump reiterates his regret that he has made Jerome Powell the successor of Janet Yellen, whom he has just as severely criticized, at every suitable and inappropriate opportunity. The US economy could go off like a rocket if the Fed finally revised last year's rate hikes and cut interest rates by at least one percent, tweeted Donald Trump on the morning of the Fed's decision.
Powell was apparently unimpressed: The Fed is not a political institution, he said, daily developments played no role in its decisions.
Meanwhile, Trump does not stop at verbal criticism - the president is trying to get two close supporters onto the board's seven-member governing body. One of them, Herman Cain, has already declined under pressure of new sexual harassment allegations. The other, Stephen Moore - conservative commentator and ex-election advisor to Donald Trump - is now hardly given any chances, even in Republican circles. Moore is considered to be incompetent in terms of monetary policy and has earned a dubious reputation, especially with misogynist comments and failure to pay alimony for ex-wife and family.
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