President Donald Trump isn’t thrilled about Jerome Powell’s stewardship of the dollar and interest rates. He would like the central bank’s help in keeping the economic party going, but so far the Fed Chair just won’t play ball. Now the Wall Street Journal has joined the President’s call for some renewed stimulus.

If officials at the Fed want to pause or even reverse course on raising interest rates, they have cover to do so. As yet, however, the consensus remains unshaken. The markets are counting on another rate hike following next month’s FOMC meeting.

Whether or not the president can elicit assistance from the Fed, or the Wall Street banks which own it, has been a bit of an open question. Trump can criticize and cajole.

In theory, Trump should even be able to fire Jerome Powell and replace him with someone more cooperative. Federal Reserve Board members, including the chairperson, are appointed by the president and confirmed by the senate.

But such a move would create quite a stir. It has never been done and the President’s opponents could even attempt to challenge him in court for interfering with the central bank’s supposed independence.

Full Article: https://goo.gl/UEnGsi