DIRS.INFO The most relevant business & tech news

☆ The fight over Jerome Powell puts Elon Musk at odds with Wall Street
▼ + stars: | 2024-11-15 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +8 min

There's little appetite on Wall Street for undermining the central bank or ousting Jerome Powell. On Friday, billionaire Elon Musk endorsed a suggestion to let the president control the Federal Reserve, which is run by Chair Jerome Powell. Advertisement"He seems to be someone who has the ear of the president," Mark Spindel, an investment manager who co-wrote a history of Fed independence, told Business Insider of Musk's influence. Many Wall Streeters are concerned that undermining Fed independence would undercut investors' faith in the stock and bond markets. Trump is, Siegel said, extremely attuned to the stock market and uses it as a barometer of his success.

Persons: Elon Musk, Jerome Powell, —, Powell, Mark Spindel, Trump, Jeremy Siegel, he'd, Stocks, reappoint Powell, Scott Bessent, Peter Orszag, Obama, Lazard, Wharton's Siegel, Gallup, Siegel, Spindel, Musk's, Volodymyr Zelenskyy Organizations: Federal Reserve, Service, Wall Street Journal, Wharton School, University of Pennsylvania, Fed, Trump, Bloomberg, Federal, Treasury, Congress Locations: Powell, Europe, Japan, U.S, Trump

WASHINGTON — As a candidate, Donald Trump promised to relieve consumers of high interest rates. Trump repeatedly said during the campaign that he would bring down interest rates without elaborating on how. He has suggested the president should have a say in determining rates set by the Federal Reserve and publicly berated the central bank and its chairman, Jerome Powell, for not lowering rates sooner. Trump has no direct control over the interest rates set by the Federal Reserve, which is determined by a committee that includes seven members appointed to 14-year terms along with five regional Reserve Bank presidents. “There aren’t a lot of policies that the president has at his disposal that can really lower rates,” said McLaughlin.

Persons: Donald Trump, Trump, Jerome Powell, ”, Kent Smetters, “, isn’t, Ralph McLaughlin, McLaughlin, Powell, Xi Jinping, ” Powell, he’s, ” Trump, reappoint Powell, Scott Bessent, Barron’s, Bessent Organizations: WASHINGTON, Federal Reserve, United, University of Pennsylvania Wharton School, Federal, Realtor.com, Reserve Bank, Fed’s, Governors, Twitter, Trump, Chicago Economic, Senate, Republicans, Fed Locations: United States, America, U.S, China

☆ The Fed's interest-rate cut put Trump even more at odds with the central bank
▼ + stars: | 2024-09-19 | by ( Ayelet Sheffey | Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

On Wednesday, the Federal Open Market Committee announced an interest-rate cut of 50 basis points, the first cut Americans have received in over four years. AdvertisementHe's argued in the past that the Fed would only cut rates close to the election to aid Democrats, which he reiterated leading up to the central bank's announcement. Trump sought to use his presidential power to appoint members to the Fed board who supported his unorthodox views of the central bank. Trump has flip-flopped his views on his most important appointment to the Fed: Powell. Trump's tepid support of Powell underlines just how mercurial he can be when it comes to the central bank.

Persons: —, Donald Trump isn't, Jerome Powell, Trump, they're, He's, Powell, Judy Shelton, Shelton, Sen, Susan Collins, Herman Cain, Stephen Moore, Michelle Bowman, Christopher Waller, he's, reappoint Powell, Trump hasn't Organizations: Service, Federal, Market Committee, Democratic, Business, Federal Reserve, Street, Trump, Bloomberg, Fox, Fed, Governors, Maine Republican, Fed Board, Bloomberg News Locations: New York, Michigan, Maine

☆ Trump, Vance double down on call for presidential influence on Fed policy
▼ + stars: | 2024-08-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Joe Raedle | Getty ImagesThe president has no direct control over interest ratesAs it stands, the president exerts no direct control over interest rates. The Federal Reserve sets interest rates, and it operates independently of the White House. Last month, Trump said that if elected he would "bring interest rates way down." Now, however, Trump has cautioned against the Fed lowering rates shortly before the presidential election in November. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates."

Persons: Donald Trump, Joe Raedle, Brett House, Trump, Fed Trump, Jerome Powell, Trump's, reappoint Powell, Powell, Greg McBride, Wells Fargo Organizations: Federal Reserve, White, Fed, Columbia Business School, Reserve Act, Republican, National Association of Black Journalists, Markets, U.S, Bloomberg Businessweek, Fox Business, Barclays Locations: Lago, Palm Beach , Florida, Chicago

☆ Trump says he ‘made a lot of money’ so he should have a say in when you get a rate cut
▼ + stars: | 2024-08-09 | by ( David Goldman | ) edition.cnn.com time to read: +4 min

If reelected, Trump said Thursday he’d go further: He’d try to exert direct power over monetary policy. He gets a little bit too early and a little bit too late,” Trump said. Still, Trump has recently advocated against a rate cut before the election, saying such a decision from the Fed would be a gift to the Democratic party. Rate cuts tend to reduce borrowing costs for consumers and businesses, freeing up cash to to spend and boosting the economy. Presidents frequently gripe about Fed policy, but Trump’s public pressure campaign is in a league of its own.

Persons: Donald Trump, Trump, he’d, ” Trump, “, ”, Jerome Powell, Powell, reappoint Powell Organizations: CNN, Federal Reserve, Federal, US Bureau of Labor Statistics, Fed, Democratic, Bloomberg Locations: Powell’s, Turkey

☆ How Biden's unpopular economic record could be a challenge for Kamala Harris
▼ + stars: | 2024-07-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

As the frontrunner for the Democratic party's nomination, Kamala Harris will have to run, for better or worse, on President Joe Biden's economic record. It will be just one challenge Harris will have to overcome to defeat her Republican opponent, former President Donald Trump . Despite historically low unemployment and macro growth that has defied long-held expectations for recession, the economy is Biden's soft spot. "I don't see a lot of daylight between her views on economic policy and those of the administration," said Mark Zandi, chief economist at Moody's Analytics , a Democrat who has advised administrations of both parties. Possible change at the Fed One area of difference between Biden and Harris could be a crucial one — the Federal Reserve.

Persons: Kamala Harris, Joe Biden's, Biden, Harris, Donald Trump, She's, Greg Valliere, she's, There's, Mark Zandi, Zandi, nonfarm, Joseph LaVorgna, Biden's, Trump, Jerome Powell, Powell, reappoint Powell Organizations: Democratic, Biden, Republican, AGF Investments, Reuters, Moody's, Democrat, Economic Council, Nikko Securities, Federal Reserve, Senate, Beacon, Advisors Locations: California

☆ Donald Trump says he wouldn’t fire Fed Chair Jerome Powell. Don’t hold your breath
▼ + stars: | 2024-07-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Republican presidential nominee Donald Trump would not fire Federal Reserve Chair Jerome Powell if the former president wins the election in November, according to a Bloomberg interview published Tuesday. Powell, a registered Republican, was first tapped to helm the central bank by Trump in 2017. That still wouldn’t stop Trump from pushing to oust Powell before the Fed head’s term concludes in 2026. “He sued for reinstatement and even though he died while the litigation was pending, the Supreme Court still took up his case. It answers to Congress, not the US president, according to the law that established the central bank.

Persons: Donald Trump, Jerome Powell, he’d, Powell, Trump, “, he’s, reappoint Powell, Powell isn’t, William Humphrey, Franklin Roosevelt, ” Organizations: Washington CNN, Republican, Bloomberg, Trump, Fed, Democratic, House, Federal Trade Commission, Brookings Institution, Fed’s, Governors

☆ Trump says he would let Fed Chair Powell finish his term if he wins in November, Bloomberg reports
▼ + stars: | 2024-07-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

Donald Trump will allow Federal Reserve Chair Jerome Powell to complete his term at the central bank if he won the November election, the Republican presidential candidate told Bloomberg Businessweek in an interview. "I would let him serve it out, especially if I thought he was doing the right thing," Trump told Bloomberg Businessweek. President Joe Biden nominated Powell to serve a second four-year term as Fed chief in May 2022. As recently as February of this year, Trump told Fox Business that he would not reappoint Powell to lead the Fed. Read the Bloomberg Businessweek article here.

Persons: Donald Trump, Jerome Powell, Trump, Joe Biden, Powell, —, reappoint Powell, Maria Bartiromo Organizations: Republican National Convention, Federal, Republican, Bloomberg Businessweek, Fed, Fox Business Locations: Milwaukee , Wisconsin, U.S

☆ Why the Fed is stressed about presidential elections
▼ + stars: | 2024-07-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Federal Reserve Chair Jerome Powell sent investors mixed messages on Tuesday during his semiannual testimony to Congress. Powell is stressed about the election: Powell was asked by multiple senators about White House politics, which he dodged. While the Fed head noted that policy decisions are data dependent, “elevated inflation is not the only risk we face,” he said. The September Fed meeting will be “live”: Powell noted multiple times that every Fed policy decision is made “live” using the latest available economic data – in other words, decisions aren’t made in advance. About 75% of investors think the Fed will cut rates, and about 25% think they’ll remain the same.

Persons: Jerome Powell, Powell, “, Donald Trump, reappoint Powell, ”, Joseph Brusuelas, Trump, Gregory Daco, Chris Larkin, Morgan Stanley, Larkin, don’t, aren’t, David Rubenstein, he’ll, Airbnb, Isabelle Chapman, Majlie, Puy Kamp, Audrey Ash, Chris Isidore . Organizations: CNN Business, Bell, New York CNN — Federal, White, “, Reserve, RSM, Federal Reserve, US Consumer, Treasury, Fed, Economics, Washington DC, Jackson, CNN, Boeing, Alaska Airlines Locations: New York, Powell, Washington, Alaska

☆ Presidential election or not, economists say, the Fed will cut interest rates in the fall if it must
▼ + stars: | 2024-03-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials have said they will begin to cut rates whenever they have “gained enough confidence” that inflation is under control. The Bank of Japan announces its latest interest rate decision. The Reserve Bank of Australia announces its latest interest rate decision. The Federal Reserve announces its latest interest rate decision and releases a fresh set of economic projections, followed by a news conference featuring Chair Jerome Powell. The Bank of England announces its latest interest rate decision.

Persons: Wall Street’s, “, ” Kathy Bostjancic, ”, Jerome Powell, ” Powell, Fed hasn’t, Nathaniel Beck, Elizabeth Warren of, Powell, lambasting, Donald Trump, reappoint Powell, ” Kayla Bruun, David Goldman, Anna Bahney, Cowen, Lennar, Mills Organizations: CNN Business, Bell, Washington CNN, Federal Reserve, Fed, Nationwide, CNN, Elizabeth Warren of Massachusetts, Democratic, Republican, Morning, National Association of Realtors, NAR, Realtors, Toll Brothers, National Association of Home Builders, Bank of Japan, Reserve Bank of Australia, US Commerce Department, Micron Technology, Prudential, Accenture, Nike, FedEx, lululemon, Darden, Academy Sports, Bank of England, US Labor Department, Global Locations: Washington, Wells Fargo

☆ What a Trump 2.0 Economy Would Look Like
▼ + stars: | 2024-03-15 | by ( Tim Smart | ) www.usnews.com time to read: +10 min

Overall, the Biden economic plan draws less than favorable reviews from voters. So, too, are promises of more tax cuts and a sharp curtailment of immigration. Trump was upset in 2019 that Powell was not doing enough to lower interest rates and stimulate the economy. The Trump tax cuts are set to expire in 2025, giving a second Trump administration the opportunity to fight that battle again. “A Trump 2.0 presidency would inherit very large fiscal deficits from the Biden Administration, rising interest expenses and an economy probably more prone to bouts of inflation,” the report said.

Persons: Muhammad Ali, Joe Frazier, Joe Biden, Donald Trump, Biden, Trump, There’s, ” Trump, it’s, ”, Patrick Horan, “, Tony Soprano, Patrick Kilbane, ” Kilbane, “ Trump, ” George Calhoun, Calhoun, ” Matt Gertken, Alex Nowrasteh, ” Michael Clemens, Clemens, Jerome Powell, Powell, Xi Jinping, Maria Bartiromo, reappoint Powell, Steve Mnuchin, ” Maxime Darmet, Darmet, Kevin McCarthy Organizations: Manila ”, Trump, CNBC, Monday, White, George Mason University, Ullmann Wealth Partners, Republican Party, Senate, Affordable, Quantitative, Stevens Institute of Technology, TikTok, Democratic, BCA Research, Labor, CATO Institute, Peterson Institute for International, University of Colorado, Federal Reserve, Federal, Biden, Fox Business, Trump Cabinet, House, Allianz Research, Biden Administration, U.S, Allianz Trade, Congress, GOP Locations: Manila, COVID, China, U.S, America, France

☆ Trump Would Not Reappoint Powell as Fed Chief
▼ + stars: | 2024-02-02 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Former President Donald Trump said he would not reappoint Federal Reserve Chair Jerome Powell if Trump wins this year's presidential election, the Republican frontrunner told Fox Business in an interview aired Friday. "No I wouldn't," Trump said in response to a question on whether he would reappoint Powell, whose second four-year term as chair will expire in 2026. Trump said he believes Powell is going to lower interest rates to help President Joe Biden's prospects for re-election. "I think he’s going to do something to help the Democrats, if he lowers interest rates,” Trump said. Biden, a Democrat who beat Trump in the 2020 White House race, reappointed Powell to a second term in 2021.

Persons: Donald Trump, Jerome Powell, Trump, reappoint Powell, Powell, Joe Biden's, ” Trump, Biden, Dan Burns, Doina, Chizu Nomiyama Organizations: Reuters, Trump, Republican, Fox Business, White, Fed Locations: U.S, Iranian, Suez, Asia, Europe, South Africa

☆ Trump criticizes Fed Chair Powell for considering interest rate cuts this year to 'help the Democrats' win elections
▼ + stars: | 2024-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell's handling of the economy, particularly regarding interest rates. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected." While the committee's Summary of Economic Projections in December penciled in three interest rate cuts for this year, Powell said on Wednesday that it's highly unlikely those cuts will take place at the next meeting in March. The jobs data on Friday will support a decision to delay rate cuts until after March — the US economy beat expectations by adding 353,000 jobs. However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.

Persons: Donald Trump's, Trump, Jerome Powell's, Powell, reappoint Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Fox News, Federal

Search resuls for: "reappoint Powell"

13 mentions found