iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,515 Blog Posts

TRUMP DOUBLES DOWN ON FED SALT: The Dow Would Be 10,000 Points Higher Without Them

This is the craziest shit any President has ever said about markets, ever.

Trump said it months ago and now he said it again, apparently in an interview to be aired on ABC this weekend.

The Dow would be TEN THOUSAND POINTS HIGHER, had it not been for the Fed meddling.

The president predicted that GDP would be 1.5 percentage points higher had Powell and his fellow central bankers not enacted rate increases and “quantitative tightening.” In addition, he said the stock market would be at least 10,000 points higher, presumably a reference to the Dow Jones Industrial Average, which was at 26,106 heading into Friday trading.

Trump has repeatedly criticized Powell, whom he named to the post in early 2018, and has said openly that he believes the Fed should be cutting interest rates. Previous presidents have taken on Fed chairs before, but rarely in such a public fashion.

“He’s my pick and I disagree with him entirely,” Trump said. “As you know, it’s independent. … But I’m not happy with what he’s done.”

That’s 40% for those counting at home, or $18 trillion in wealth creation.

The fuck out of here.

If you enjoy the content at iBankCoin, please follow us on Twitter