Full marks to the J Powell for only reducing rates when he, his team of 400 economists & the board come to the conclusion the job with inflation is done. We know when Trump was the President J Powell (who was Trump's pick for the Fed Reserve) did not succumb to Trump's constant bullying with over 100 tweets when he tried to raise rates? J Powell had his way with Interest rates which shows the President has no power over the Fed!!!!
The Fed operates just like the Reserve Bank which has NEVER been overuled by the Govt eventhough in Australia legislation exists to do so in 80 years! Both sides of politics now introducing new legislation to remove this power to keep the central bank politically independent.
The Federal Reserve is not "owned" by anyone. With authority derived from Congress via the Federal Reserve Act of 1913, the Fed serves as a politically independent and nonpartisan entity within government.
Full marks to the J Powell for only reducing rates when he, his...
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Last
7,851.7 |
Change
-12.000(0.15%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,863.7 | 7,870.2 | 7,841.5 |
| XJO (ASX) Chart |