Did the Fed yield to Donald Trump or to the US stock market?
Starting a press conference following the June FOMC meeting, Jerome Powell was in a bind. Financial markets expected him to sound dovish, the S&P 500 has been 6% up since the beginning of summer due to an increased probability of the federal funds rate cut. Donald Trump has intensified his criticism of the Fed’s monetary policy. Revised forecasts of the Open Market Committee suggest that the Fed shouldn’t change its monetary policy stance in 2019 and may cut the interest rate once in 2020. The Fed chair…
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