Sunday, 24 March, 2019

Fed chair's job is not in jeopardy, White House economic adviser says

Trump in talks to possible firing of Fed Chair Jerome Powell Dow Plunges 650 Points on Christmas Eve Amid D.C. Chaos
Lloyd Bates | 27 December, 2018, 11:24

Speaking to reporters in the Oval Office after a Christmas video conference with US troops deployed overseas, Trump also said USA companies were "the greatest in the world" and presented a "tremendous" buying opportunity.

Donald Trump expressed confidence in the treasury secretary, Federal Reserve and U.S. economy on Tuesday, moving to calm financial markets further roiled after the report that the president had discussed firing the central bank's chairman over raising interest rates. All three major USA stock indexes ended down more than 2 percent on the day before the Christmas holiday.

The call did more to rattle markets than to assure them.

The head of the U.S. Federal Reserve faces no risk of losing his job and President Donald Trump is happy with his Treasury secretary, a White House official said in an apparent attempt to calm Wall Street nerves frayed by Trump's criticism of the Fed.

Media reports have suggested Trump has gone as far as discussing firing Powell, and he told Reuters in August that he was "not thrilled" with the chairman.

Oil rises to $51 after steep slide; growth fears weigh
Oil prices were up even higher earlier on Wednesday, with WTI trading up more than 10 percent shortly after 4:00pm EST. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2pc slide in the previous session.

Led coalition strikes ISIS targets in Syria, 'several hundred' fighters 'removed'
This week, NPR tried to gain access to a few of the US bases but was told the American troops there are not authorized to comment. The future of the worldwide coalition against IS, which includes Turkey, the USA and France, remains unclear.

'UFC 232 Embedded,' No. 2: Alexander Gustafsson gets his hands on gold
I can not wait to fight Alex Gustafsson this Saturday December 29th at the Los Angeles Forum in Inglewood. I've been feeling the frustration of the fans, I'll do what I can to make it right.

Despite the recent stock market plunge, the USA economy is experiencing good numbers, overall, with unemployment at 3.7 per cent, the lowest in half a century, and inflation near the annual goal of 2 per cent.

Relations among White House advisers are reportedly tense due to the rate hikes, and Hassett is among those who are opposed to intervention in the Fed's policy-making.

One reason stocks have been declining is because of the partial U.S. government shutdown over Trump's demand for billions of dollars for a wall on the Mexican border, his top campaign promise.

Trump's comments on Mnuchin followed the secretary's convening of an emergency meeting with top United States financial regulators on Monday, following a call with executives from six major banks the previous day. "The banks all confirmed ample liquidity is available for lending to consumer and business markets", the Treasury Department said in a statement.

Legal experts say it is not clear whether Trump could in fact dismiss Powell. "Well, we'll see", Trump said on Tuesday when asked about his confidence in Powell. That's my opinion. But I certainly have confidence. "I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute awful thing to do at this time". They're raising interest rates too fast because they think the economy is so good. We have companies, the greatest in the world, and they're doing really well.

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