Trump indicated that if he gets another term, he might pressure Federal Reserve Chair Jerome Powell to loosen monetary policy.
to succeed Janet Yellen, who went on to become Treasury secretary under President Joe Biden."Well, I guess he would have two years left or something like that, so we'll see," he said.
"You know the word jawboning? I did a lot of jawboning against him, and he ultimately lowered interest rates. We had lower interest rates. We had the best housing market ever. We had people buying homes," he added."Things are not going, right now, very well for the consumer. Bacon is up five times. Food is up horribly, worse than energy."Inflation has been a major problem during the Biden administration after staying benign under Trump and, before that, Barack Obama.
However, economists largely agree that the seeds were planted for higher prices in the early days of the Covid crisis, when supply chains froze, consumer demand switched from services to goods, and Congress and the Fed injected trillions of dollars in stimulus in an effort to combat the pandemic's economic impact."I would get inflation down, because drill we must. We will be drilling for oil. We are going to become, again, energy independent.
The Fed meets next week and is expected to hold rates steady. Powell's term expires in February 2026.
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