Jul
23

Crummy Comment

Last week President Trump said he hoped the Fed would stop raising rates. Bad comment. Markets value central bank independence, and Trump’s comment could easily backfire. The Fed may raise rates earlier than planned to assert independence, and if conditions weaken and the Fed slows its pace of rate hikes, investors will wonder if the Fed is pandering. Lastly, why say anything; rates are spectacularly low, and growth is outstanding.

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