Trump has said that when he's President, he will lower interest rates. But how much control does the President have over the Fed? Nicole explains how Trump is proposing to lower interest rates— and whether or not economists believe these proposals will work.
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So there has been a lot of movement on Wall Street since Trump won the election, including the Fed's second rate cut since the period of COVID area inflation insanity. Now, everyone is trying to predict the future and make adjustments around what economic policies they think Trump will actually put into place in January.
For example, some companies like Steve Madden have already started to move away from production in China and preparing for Trump's tariffs. Another economic promise Trump has made is lowering interest rates. But before we start acting on that assumption, we need to talk about whether or not Trump can actually make good on this promise. Because here's the thing.
Trump isn't the decision maker when it comes to interest rates. Our guy when it comes to interest rates is Jerome Powell, a.k.a. Jay Powell, the chairman of the Federal Reserve. Trump and Jay Powell have had some exchanges in the press lately that seem a little testy, so we might forget their history, but Trump actually gave J-PAL his job. J-PAL has been in the game for a while.
He served as assistant secretary and undersecretary of the Treasury under Bush Sr. and spent about a decade as a partner at the Carlyle Group, which is one of the leading investment firms specializing in private equity. The co-founder of Carlyle Group, David Rubenstein, came on the show and he was surprisingly funny, I
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