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Jump to: 2018; 2019;
2020;
-- 2017 --
April 12: Only a few months ago, Trump said [Federal Reserve Chair Janet]Yellen
should "be
ashamed of herself" for keeping interest rates low. He said she was just
doing that to help President Obama.
October 20: Trump considers big shift at
Federal Reserve as he faces pressure to appoint a Republican
President Trump is threatening to upend decades of consistency at the Federal
Reserve as he prepares to pick its next leader, narrowing a list of final
candidates to include people who could take the powerful central bank in a
radically different direction.
https://www.washingtonpost.com/news/wonk/wp/2017/10/20/trump-considers-big-shift-at-federal-reserve-as-he-faces-pressure-to-appoint-republican/?utm_term=.5cff8e41e6e8
November 8: How Trump Stiffed the Bankers
With His Federal Reserve Appointment ... By naming Jay Powell as Fed chair, the
president got “Yellen without Yellen”: a moderate Keynesian who supported her
monetary stimulus.
Choosing a successor to replace Janet Yellen as chair of the central bank was,
arguably, the most important appointment Trump will make during his first term.
If he has chosen badly and the new Fed chairman crashes the economy with
punishing interest rates, there will be no second term for Donald Trump.
https://www.thenation.com/article/how-trump-stiffed-the-bankers-with-his-federal-reserve-appointment/
November 13: Trump's pick for Federal
Reserve chief is right choice at right time
The United States recently
received some welcome economic news. While the latest jobs report was solid and
gross domestic product growth was stronger than expected, even more encouraging
is President Trump’s nomination of Jerome “Jay” Powell to serve as the next
chairman of the Federal Reserve. He is the right person at the right time to
guide our monetary policy and ensure the soundness of our financial
institutions.
http://thehill.com/opinion/finance/360043-trumps-pick-for-federal-reserve-chief-is-a-true-consensus-builder
November 29:
Marvin Goodfriend
Is Nominated to Be a Fed Governor
https://www.bloomberg.com/news/articles/2017-11-29/goodfriend-nominated-to-be-fed-governor-as-trump-fills-vacancies
November 30: How The Federal Reserve Could
Rain On Trump’s Tax Cut Parade ... Even if the tax cuts boost growth, the
central bank could slam the brakes.
Republicans say their tax
overhaul bill will juice the economy, and most economists agree that cutting
corporate taxes could boost growth, at least in the short term.
But one reason the boost won’t be as strong as Republicans might like is that
the Federal Reserve would be expected to move to keep that growth in check.
Mark Zandi, chief economist with Moody’s
economy.com, said that if massive tax cuts aren’t offset with
correspondingly large tax increases or reductions in government spending, the
Fed’s response could even cause the economy to contract.
“If the tax cuts are deficit financed, that is going to juice the economy and it
will overheat, significantly raising the odds of a recession early in the next
decade,” Zandi told HuffPost.
https://www.huffingtonpost.com/entry/donald-trump-federal-reserve-offset-tax-cuts_us_5a2076cae4b03350e0b55f99
November 30:
If President Donald Trump's nomination of Jerome Powell
to lead the Federal Reserve was a way of preserving the status quo, his
selection of Marvin Goodfriend for another vacancy is a way of challenging it.
In Goodfriend, the Fed gets
someone whose approach to monetary policy and financial system regulation runs
counter to three core tenets of current orthodoxy ...
Likely to gain relatively easy Senate approval and to take one of
three Fed governor vacancies in early 2018, the Carnegie Mellon professor also
brings a background steeped in economics that Powell does not.
https://www.cnbc.com/2017/11/30/three-ways-marvin-goodfriend-could-shake-up-the-fed.html
December 12: The Federal Reserve Is About To
Show Its Trump Cards
Although the two-day Federal Reserve meeting will end with a rate hike, the
meeting is really all about the Trump tax cuts.
The key question is whether Fed policymakers expect the injection of tax
stimulus to make the economy run hot enough next year that an additional rate
hike will be needed.
https://www.investors.com/news/economy/the-federal-reserve-is-about-to-show-its-trump-cards/
-- 2018 --
January 17: Trump’s plans to remake the
Federal Reserve are starting to hit snags
The first hurdle will be the Senate. All of Trump's appointees to the Fed
require Senate approval, which has been slow in coming. Trump nominated Powell
on Nov. 2, but the Senate didn't act on his appointment before the end of
the year, forcing the president to renominate Powell in 2018. Powell, a lawyer
and former private equity executive, is
generally well liked in Washington among Republicans and Democrats. He
worked for the Bipartisan Policy Center for several years before President
Barack Obama nominated him to be one of the Fed's seven governors in 2012.
... Powell has been clear to stress the Fed's independence — from Congress and
the White House — in public appearances since his nomination.
“I'm strongly committed to an independent Federal Reserve,” he stressed several
times during his confirmation hearing in late November, adding that the Fed must
be “nonpartisan.”
https://www.washingtonpost.com/news/wonk/wp/2018/01/17/trumps-plans-to-remake-the-federal-reserve-hit-snags/?utm_term=.d928e0a8d9e0
January 24: Trump's choice Jerome Powell
approved as Federal Reserve head
http://www.bbc.com/news/business-42798932
February 2: Despite bad day for the Dow,
Yellen sees long-term growth as she leaves the Federal Reserve
https://www.pbs.org/newshour/show/despite-bad-day-for-the-dow-yellen-sees-long-term-growth-as-she-leaves-the-federal-reserve
February 3: Janet Yellen: "I was
disappointed not to be reappointed" ... Trump's decision not to reappoint Yellen
to a second four-year term breaks with tradition.
Federal Reserve Chair Janet Yellen, who will now be joining the Brookings
Institution, talked about her termination on PBS NewsHour,
per Bloomberg. “I would have liked to serve an additional term and I did
make that clear, so I will say I was disappointed not to be reappointed,” she
said Friday.
https://www.axios.com/janet-yellen-federal-reserve-exit-pbs-interview-c51ea2f4-4f4b-4cc4-a2fe-9808b9b6f6ed.html
February 3: What to Expect From Federal
Reserve Chair Jerome Powell's Tenure
Powell takes over at a rosy time for the U.S. and world economies. Most
recently, the U.S. economy added 200,000 jobs in January, according to the
Bureau of Labor Statistics, better than what economists had predicted. Major
companies have signaled benefits from the current administration’s deregulatory
stance and tax cuts—leading to a soaring
stock market in 2018.
While Trump has made eyebrow-raising hires in segments
including the Environmental Protection Agency, Powell is considered a
consensus-builder, and a
continuation of the previous Fed chair.
“He’s been part of the consensus,” Yellen said of Powell in December.
Powell is expected to gradually raise interest rates three to four times in
2018—with the market watching closely over what he might do. And certainly, even
though he has preferred to stay behind the scenes, he will make headlines.
http://fortune.com/2018/02/03/federal-reseve-chair-jerome-powell/
February 8: Sherrod Brown: I cannot ...
support Dr. Goodfriend’s nomination today.
While I appreciate his long academic career studying monetary policy, I cannot
brush aside concerns about Dr. Goodfriend’s long-held, and often-repeated,
views.
While Dr. Goodfriend at the nomination hearing paid lip service to Fed
independence and its mandate to fight unemployment, it ultimately rang hollow
given his years advocating the opposite.
The stakes are too high for workers and for the economy. We can’t take a chance
on someone with a decades-long record of prioritizing hypothetical inflation
over real people losing their jobs.
The Fed has a critical role to play in stopping big banks like Wells Fargo from
harming customers and the economy. Dr. Goodfriend’s support of harmful
legislation that would give that bank and others a free pass shows he does not
belong at the Fed.
https://www.brown.senate.gov/newsroom/press/release/brown-opening-statement-at-banking-committee-executive-session-on-nominations-to-the-fed-fdic-and-fsoc
February 8:
Marvin Goodfriend's nomination to serve on the Federal Reserve's
board of governors was narrowly approved by the Senate Banking Committee
Thursday, by a vote of 13-12 along party lines.
The nomination now moves to the full Senate, which has not scheduled a vote.
At his Jan. 23 confirmation hearing before the panel, Mr.
Goodfriend was questioned by several senators for his positions on inflation and
monetary policy. Sen. Jon Tester, D-Mont., criticized Mr. Goodfriend for saying
that he does not believe the 30-year fixed-rate mortgage needs a guarantee from
the U.S. government. "Dr. Goodfriend's extreme stance on the 30-year fixed-rate
mortgage is dangerous for our economy, could slow down the housing market and
keep millions of families from purchasing their first home.
http://www.pionline.com/article/20180208/ONLINE/180209831/fed-nominee-marvin-goodfriend-cleared-for-senate-vote#
February 14: How the Federal Reserve works
... President Donald Trump has called the Fed Reserve political. But it's an
independent body that has just two goals—keeping inflation in check and keeping
the economy at full employment.
https://www.cnn.com/videos/cnnmoney/2017/06/13/how-the-federal-reserve-works.cnn
April 12: The Federal Reserve plans to hike
interest rates even faster
In March, the Fed
lifted the federal funds rate to a range of 1.5% to 1.75%. That was an
increase of a quarter of a percentage point. The Fed's target rate helps
determine rates for mortgages, credit cards and other borrowing.
http://money.cnn.com/2018/04/11/news/economy/fed-rate-hike/index.html?iid=ob_lockedrail_topeditorial
July 20: President
Donald Trump has multiple
reasons as to why he should take control of the Federal Reserve. He will do so
both because he can and because his broader policies argue that he should do so.
The president is anti-overregulating American industry. The Fed is a leader in
pushing stringent regulation on the nation. By raising interest rates and
stopping the growth in the money supply it stands in the way of further growth
in the American economy.
https://www.cnbc.com/2018/07/20/trump-poised-to-take-control-of-the-federal-reserve.html
September
26: President Donald Trump isn't happy with the latest hike in
interest rates.
The Federal Reserve on Wednesday
raised rates for the third time this year, reflecting a strong economy with
low unemployment. Hours later, the president again broke with tradition by
criticizing the central bank.
https://money.cnn.com/2018/09/26/news/economy/powell-trump-federal-reserve/index.html
October 11: Trump says he knows economy better than Federal Reserve
chair
“I think I know about it better than they do,”
Mr. Trump
said, again criticizing
Fed
interest-rate hikes. “I think the
Fed is
far too stringent, and they’re making a mistake, and it’s not right.”
Asked about
Fed Chairman Jerome Powell,
Mr. Trump
said, “I’m not going to fire him.”
“I think the
Fed is
out of control. I think what they’re doing is wrong,”
Mr. Trump
said.
https://www.washingtontimes.com/news/2018/oct/11/trump-says-he-knows-economy-better-federal-reserve/
October 17: President Trump: 'My biggest
threat is the Fed'
https://www.wtva.com/content/national/497744971.html
October 25: Fed’s Clarida says more
interest-rate hikes is the best way forward
https://www.marketwatch.com/story/feds-clarida-says-more-interest-rate-hikes-is-the-best-way-forward-2018-10-25
October 25: CNBC's Jim Cramer warned on
Thursday that Federal Reserve
Chairman Jerome Powell could
hurt the booming economy if the Fed continues to raise interest rates.
"The economy can turn down on a dime," Cramer said on "Squawk
Box." "We saw it turn up on a dime, it's going down on a dime."
Cramer, the host of "Mad Money,"
has been critical of Powell in recent weeks, agreeing with President
Donald Trump in arguing against
further rate hikes.
https://www.cnbc.com/2018/10/25/the-economy-can-turn-down-on-a-dime-cramer-warns-fed-chief-powell.html
November 28: Fed chair's comments send
markets soaring after Trump complaints
Federal Reserve chief Jerome Powell didn't mention the elephant in the room when
he got up Wednesday to speak before the Economic Club of New York: President
Donald Trump's repeated broadsides in the press.
But after months of indicating that he plans to raise interest rates and cool
down the US economy, he demonstrated his power to send markets shooting up with
just a few words hinting at a willingness to pause hikes next year.
Tucked in his speech, Powell said that rates are "just below" the so-called
neutral range, the level that central bankers believe will neither accelerate
nor slow economic growth -- a shift from comments he made in October suggesting
that interest rates are still "a long way" from neutral.
https://www.cnn.com/2018/11/28/politics/trump-powell-fed-conflict/index.html
November 29:
U.S. President
Donald Trump may be unhappy
with Federal Reserve
Chairman Jerome Powell, but he
has no authority to remove the central bank head from office, Morgan Stanley
said.
Trump renewed his criticisms of Powell earlier this week, blaming the Fed
chair for the recent market sell-off and automaker
General Motors' plans to close plants and cut jobs.
Powell became Fed chair in February this year after being nominated by Trump
and confirmed by the Senate.
"The President can nominate a chair but once the chair is confirmed, the
president is out of it and the only way you can remove a chair from office is
literally if they broke the law.
https://www.cnbc.com/2018/11/29/trump-cannot-fire-federal-reserve-chair-jerome-powell-morgan-stanley.html
November 27: Trump calls Federal Reserve
‘much bigger problem than China’
https://www.apnews.com/e115f9618f1142e5a7d06c755595b738
December 19: Fed hikes interest rates for
fourth time this year, despite Trump's objections
Fed Chairman Jerome Powell's challenge has been to make it clear the decision
was data driven and not influenced by politics.
https://www.nbcnews.com/business/economy/fed-hikes-interest-rates-fourth-time-year-despite-trump-s-n949896
December 22: Trump reportedly wants to fire
Fed head Powell, a move that could wreak havoc on the financial markets
The only way for a president to fire the head of the Federal Reserve would be to
break the law, said one economist.
https://www.nbcnews.com/business/markets/trump-reportedly-wants-fire-fed-head-powell-move-could-wreak-n951226
-- 2019 --
-- 2020 --
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