Trump’s visit to Fed today may not follow history of president endorsing independence

The President will visit the central bank at 4 pm East time on Thursday, and will return to the White House shortly after more than an hour, according to his general grandparent.

This step is unusual for several reasons. In the first place, because this is the first visit by the head of the Central Bank for nearly two decades – and only the fourth visit from the Oval Office in history.

The context of this visit raises the eyebrows, as President Trump and the Council of Ministers were constantly pressing and criticizing the federal reserve since he won the Oval Office in January.

In the past, the president’s visits to the Federal Reserve were considered approvals – whether from the president at the time and the independence of the Federal Reserve as a whole.

For example, the last visit came from George W. Bush on February 6, 2006, when he attended the oath of his candidate, Ben S.

Bush’s presence was seen as support not only for Burnaki but also for the independent nature of the dramatic. Upon announcing his candidacy, Bush told reporters at the Oval Office: “In our economy, the Federal Reserve is an independent body responsible for the status of monetary policy, to oversee the safety of our banking system, for containing risks that can arise in financial markets, and to ensure the general payment system.

“Throughout the world, the Federal Reserve is the symbol of integrity and the reliability of our financial system, and the federal reserve decisions affect the life and livelihood of all Americans.”

Before Bush’s visit, the latest example of the president who visited the Federal Reserve was President Gerald Ford in July 1975-which was built in the independence of the central bank.

Speaking in the performance of Philip C. Jackson as a member of the Governor’s Council, President Ford said: “The essence of the Federal Reserve System is independence. The independence of both congress and the president, as well as the individual independence of thought in both its governors.

The last example – but the first visit of its kind – in 1937 when President Franklin Roosevelt attended the opening of the new headquarters of the council – the Eucleis building, which President Trump is likely to visit today.

Trump against the federal reserve so far

Even before Trump’s victory in the elections, there were signs that might cause a problem in President Jerome Powell. Although he was the president to nominate Powell for this role, he has made veiled threats about the security of the president’s role. Bloomberg said: “I would like to allow him to serve [his term] Outside, especially if I thought he was doing the right thing. ”

At that time, the “right thing” in Trump’s minds was not reducing interest rates because it would give the economy, and Biden administration at that time, a boost.

Since the Oval Office was taken in January, this request has turned to the other party. Trump called “stupid” and “difficult” for not reducing the basic price, adding that he knew more than the Federal Reserve Chairman for interest rates.

While some market followers may agree with Trump that Powell and the Federal Open Market Committee interact very slowly with economic data, no analyst or investor wants to see the threatened central bank independence.

As such, the market’s reaction was largely when Trump threatened to shoot Powell, then settled when the president abolished the proposal. After all, the federal reserve independence of the full moon was written in a law to protect it from the whims of politicians and instead imposes it on ensuring the health of the economy in the long term.

While the Federal Reserve Policy is still a common topic for the Trump administration (even yesterday, the president wrote on the social truth that “families are hurt because interest rates are very high, and even our country must pay a higher rate than it should be because of” it is too late ” [Powell]. “), Cash is also pressed in making wider decisions.

This included the Powell Administration for the Central Bank offices – which will be said that Trump will tour today – with Russell Fair, director of the administration and budget office at the White House, which made a public letter sent to the Federal Reserve Chairman, saying that the president is “very troubled through your management of the Federal Reserve System in particular regarding” getting rid of the superior opening of the bright weapon of goods. [the Fed’s] Washington, DC, headquarters. ”

Powell has since responded, and clarified some of the points that were raised in the Vogue speech, noting: “The project is great … because it involves the renewal of two historical buildings in the national commercial center that was built for the first time in the thirties of the twentieth century.

Although the Federal Reserve has independence in managing its business and expenses, Powell reaffirmed the bank’s commitment to “transparency of our decisions and accountability towards the public”-a new section was established from the FBI’s website to maintain voters, defining the latest developments.