Trump says he'll defer to Fed chairman on pre-election rate hike
President Donald Trump said he will defer to Federal Reserve Chairman Kevin Warsh on the possibility of the central bank raising interest rates before the midterm elections.
The Washington Examiner spoke with the president by phone Friday morning and pointed out that markets are pricing in about a 70% chance that the Fed will raise interest rates before the November elections.
“There should be a reduction, but I’ll go with the chairman,” Trump said.
That marks a shift from Trump’s stance just months ago, when Jerome Powell was the central bank’s chairman.
Trump repeatedly assailed Powell for refusing to cut interest rates and ultimately replaced him with Warsh, who is now staring down 4.2% inflation, much of which has been caused by a recent spike in energy prices resulting from the Iran war.
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