On The Market
Can Trump Push Jerome Powell Out of the Fed? w/WSJ's Nick Timiraos
Nov 21, 2024
In this discussion, Nick Timiraos, a Wall Street Journal reporter and Federal Reserve expert, dives into the intricate relationship between Donald Trump and Fed Chair Jerome Powell. He analyzes Trump's past criticisms of the Fed and the implications of his potential return to power. Key topics include the significance of Fed independence for economic stability and the legal limitations on the President's ability to fire Powell. Timiraos also addresses the future of interest rates, inflation concerns, and whether Trump's and Powell's economic strategies may align more than it seems.
32:36
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Quick takeaways
- The podcast examines the tension between President Trump and Fed Chair Powell, emphasizing the importance of Fed independence for economic stability.
- Nick Timiraos highlights the impact of rising mortgage rates on housing markets, despite the Fed's intention to reduce interest rates.
Deep dives
Federal Reserve's Future and Interest Rates
The podcast discusses the ongoing uncertainty surrounding the Federal Reserve's policy direction following interest rate cuts. After significant cuts earlier in the year, the bond market unexpectedly reacted by raising yields, indicating a belief that a recession might be averted. Factors influencing this scenario include unclear economic policies from the newly elected administration, which could impact growth and inflation. Mortgage rates, tied to the bond market rather than the Fed's actions, have risen despite the central bank's rate reductions, complicating the landscape for housing markets.
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