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Powell’s Rate Cuts Positive For Economy
So why do I feel a little uneasy?
I care about the US economy as most Americans do.
Therefore, I paid attention when the Federal Reserve made its first key rate cut in four years.
While this coincided with end stages of the 2024 Presidential election between former President Trump and current VP Harris, it is highly unlikely Fed Chair Jerome Powell did this to influence the election.
“This is my fourth presidential election at the Fed, and it’s always the same. We’re always going to this meeting in particular and asking what’s the right thing to do for the people we serve,” Powell said. “Nothing else is ever discussed.”
I believe him.
What did bother me — Fed Chair Jerome Powell disclosed that he and President Biden had not spoken in over two years. “When any President calls you, you come and you meet, but that hasn’t happened so…,” Powell remarked.
Isn’t this supposed to be one of the things the President does?
I mean, the US economy is pretty darned important to those of us who live in this country. It would be nice to know that our leadership has a meeting more than once every couple of years with people like Powell.
