RUSH: The Federal Reserve has cut rates again — the second time this year — with a promise to act as appropriate to sustain economic expansion. Trump is not happy. He is livid. He just tweeted — “Jay Powell and the Federal Reserve Fail Again. No ‘guts,’ no sense, no vision! A terrible communicator!” — and I don’t blame him. There’s no reason to cut rates!
Everybody’s worried. (impression) “Slow down the economy! We’ve got to stop inflation.” Trump is concerned it’s a political move to do damage to his economic policy success, and he may have a point.
RUSH: So what has Trump ticked off is that Jay Powell — Jerome Powell — went out there, the Fed chairman, and said (summarized), “We expect the economy to grow at a moderate rate.” So this is sending a signal that the Fed thinks that there’s a global economic slowdown head, and this is what has Trump irritated, because he doesn’t think there is, and he doesn’t want the idea put in front of people.
It’s another political wall of opposition that he has to face each and every day. I understand his frustration.