WASHINGTON, D.C. — Federal Reserve Chair Jerome Powell confirmed Tuesday he will not lower interest rates until he can be sure it won't help President Trump.
Trump has repeatedly called on Powell to resign, citing his reluctance to reduce the federal funds rate and stimulate economic growth. But Powell has repeatedly said he will not cut rates until he can be assured such an action will not make Trump or his economy look good in any way.
"I am but a humble public servant, and I will do everything in my power to make sure people never think Trump is doing a good job with the economy," said Powell. "This is what democracy is all about. You should all be happy paying your 12% interest rates on loans if it helps stop this evil president."
According to Trump, the Federal Reserve cutting interest rates would be rocket fuel for the economy. Lower rates increase borrowing and spending among consumers and boost business investment and expansion, stimulating economic growth. "But Powell is too dumb and stupid to do it," Trump said. "And he looks so dumb and unhandsome in those glasses. What idiot appointed this guy anyway?"
At publishing time, Powell was reportedly about to give in and lower interest rates until he heard what Trump said about him. "He said that?" Powell said, visibly hurt. "Well, now I really won't cut rates. In fact, maybe I'll raise them higher. Let's see how Trump likes that."
At publishing time, Trump had responded by calling Powell a "4th-rate economist with a very weak and unimpressive face."
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