Trump’s criticism of Fed affects other central banks
Trump’s constant appeals to the Fed to cut the federal funds rate to zero and below encouraged global politicians to demand that central banks use monetary stimulus. The Russian government has downgraded inflationary forecasts and is pushing the Russian Central bank to lower the key rate. The German government, inspired by having escaped recession in Q3, is rejecting Christine Lagarde’ calls for fiscal stimulus. I won’t be surprised if the German demand that Lagarde extend QE right after taking the chair of the ECB’s head. If the French woman satisfied Berlin’s desires,…
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