Has Trump learned from his 'hot stove' moment?
By Bruce Yandle / Tribune News Service
Almost overnight, it seems, Donald Trump switched from outspoken foe of Federal Reserve Chair Jerome Powell — whom he had called a “major loser” whose “termination cannot come fast enough!” — to a smiling acceptance of Fed independence. The dramatic move is reminiscent of Mark Twain’s words: “If a cat sits on a hot stove, that cat won’t sit on a hot stove again. That cat won’t sit on a cold stove either.”
For the sake of world economic stability as well as our own, let us hope that like Twain’s remarkable cat, Trump has learned to leave this particular stove alone, even if quiet communication between a president and the Fed is to be expected.
The president’s word battle with the Fed had to do with interest rates, the cataclysmic collapse of U.S. financial markets following his April 2 tariff announcements and the budding global trade war his actions inspired.
Pointing to a promised “golden era,” Trump called for patience and noted there could be no gain without enduring some pain. He argued that the Fed should lower rates to cushion the untoward effects of his tariffs. Trump added that Powell had been too slow to act and that his job should be terminated.
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