United States

Fed chair Jerome Powell is just saying what Trump wants to hear

You have to admire Donald Trump. Not only did he win the presidency of the US against long odds, but also now he’s moonlighting as the unofficial chairman of the Federal Reserve. President Trump didn’t actually take over the Fed job, but he might as well have. On Wednesday, as Fed Chairman Jerome Powell was testifying before Congress about monetary policy, I could swear he was sitting on Trump’s lap with the president pulling his strings and putting words in his mouth. If Trump reads what I just wrote, he’d be pleased. But having the Fed chairman as the president’s puppet isn’t something we should be happy about. What Powell said to members of Congress was exactly what Trump wanted to hear — that “crosscurrents” aro ...