Trump’s first big fight is shaping up: Powell’s refusal to resign from the Fed
Published On Nov 8, 2024, 4:09 PM
The article discusses the tension between President-elect Donald Trump and Federal Reserve Chairman Jerome Powell regarding monetary policy. Trump has expressed a desire for influence over interest rates and may seek to replace Powell with someone who aligns more closely with his economic agenda. Powell, on the other hand, has stated he will not resign under pressure and maintains that the Fed operates independently of political influence. As Trump's administration starts, possible shifts in fiscal policy, including aggressive tariff changes and tax cuts, could complicate the Fed's ability to manage inflation and monetary policy.
Stock Forecasts
SPY
Negative
If Trump's proposed aggressive fiscal policies lead to increased inflation, the Federal Reserve might have to alter its course on interest rates, potentially leading to a tightening rather than the current easing cycle, which could negatively impact market sentiments.
Related News
Stock market today: S&P 500 touches 6,000 mark as Wall Street heads for best week in a year
Nov 8, 2024, 12:24 PM
The Dow crossed 44,0000 for the first time ever as stocks were on track for their best week in a year on optimism that President-elect Donald Trump's policies will boost the economy.
Stock market today: S&P 500 eyes 6,000 mark as Wall Street eyes best week in a year
Nov 8, 2024, 10:13 AM
Stocks are poised for a downbeat end to a stellar week of gains driven by optimism that President-elect Donald Trump's policies will boost the economy.
US Stocks Draw Biggest Inflow Since June on the Day of Trump Win
Nov 8, 2024, 4:43 AM
(Bloomberg) -- A whopping $20 billion flowed into US equity funds on Wednesday, the day Donald Trump claimed a decisive victory in the presidential election, according to Bank of America Corp. strategists.Most Read from BloombergKey Ballot Initiatives and Local Races Highlight Views on Abortion, ImmigrationParis Restricts Through Traffic in City CenterFrom Housing to Immigration, Key Ballot Initiatives and Local Races to FollowThat was the biggest daily addition in five months, strategist Michae