Jerome Powell should provide the data and then ‘keep his mouth shut’
On Thursday morning, stocks slid following the Federal Reserve’s monetary policy decision and a press conference from Chairman Jerome Powell highlighting ongoing economic challenges.
The Federal Reserve says it expects real GDP to contract by 6.5% in 2020, with the unemployment rate reaching 9.3% by the end of the year.
Top White House advisor Peter Navarro, it’s safe to say, is not a fan of those projections or of Fed Chairman Jerome Powell’s approach. During a Yahoo Finance interview with Andy Serwer, Navarro discussed the Fed’s projectionsPowell has “probably the worst bedside manner of any Fed chairman in history.”
If he was going to market sushi, Navarro added, we “would market it as cold dead fish.” Navarro added.
Shortly after Navarro’s remarks, President Trump tweeted his own critique of the Federal Reserve.
The Federal Reserve is wrong so often. I see the numbers also, and do MUCH better than they