Another factor that pressures the greenback is Trump again criticized the person he chose as Fed chair, Jerome Powell.
The occasion was a fund raiser at the Hamptons on Friday. Bloomberg reported that Trump said he expected Jerome Powell to be a “cheap-money” Fed chairman and lamented that his nominee instead raised interest rates.
Just a month ago, Trump already verbally intervened by saying in a CNBC interview that he was unhappy with Fed’s rate hikes. And that a strong dollar is disadvantageous to the US.
Anyway, if Trump did have that expectation and Powell turned out to be not what he expected, it’s obvious that Trump is blind. Powell has been consistent with who he is, till now, since taking up the job as Fed Governor.
Also, there is a voting system in Fed. Being cheap-money or not, Powell only has one vote. Or, a dictator forgot this simple fact? Or is Trump just scapegoating a single person again?
