The Federal Reserve chair blew up market hopes that the central bank might cut interest rates, ignoring pressure from Donald Trump and causing stocks to tumble
Federal Reserve Chairman Jerome Powell on Wednesday blew up market hopes that the central bank might cut interest rates, ignoring pressure from President Donald Trump and causing stocks to tumble.
The economy would go “up like a rocket if we did some lowering of rates, like one [percentage] point,” Trump tweeted on Tuesday as the Federal Open Market Committee began its two days of meetings. That big of a rate cut would reverse all four of the Fed’s rate hikes last year.Sign Up
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