President Donald Trump on Thursday said he would press the Federal Reserve to lower interest rates “immediately,” rekindling a fight over the historically independent U.S. central bank.
In virtual remarks to the annual meeting of the World Economic Forum in Davos, Switzerland, President Donald Trump on Thursday spouted many false or misleading economic claims. Here’s a quick rundown.
"I think I know interest rates much better than they do, and I think I know it certainly much better than the one who's primarily in charge of making that decision," Trump says
U.S. stock futures were moving lower in early action on Friday, on the heels of the first record for the S&P 500 of 2024. Dow Jones Industrial Average futures fell 15 points, or 0.03%, to 44,732
BlackRock Inc. Chief Executive Larry Fink raised the possibility on Friday that the Federal Reserve might need to hike interest rates, though not right away, while speaking in Davos at the World Economic Forum.
Progress reducing the rise in consumer prices has stalled, with recent data coming in hotter than expected. By pressuring the Federal Reserve, Trump could reignite inflation.
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At the World Economic Forum in Davos, industry leaders debated Bitcoin’s role as a reserve asset, the memecoin frenzy and crypto’s future amid Trump’s return to the Oval Office.
A speech by the U.N. chief, economic growth potential in places like China and Russia, the challenges of artificial intelligence and leaders from Spain to Malaysia are set to headline the agenda at the World Economic Forum’s annual event in Davos.
He has frozen federal hiring and signed an order allowing career civil servants to be fired at will. Read more at straitstimes.com.
The Fed now needs to be on Trump watch if it wants to engineer the proper dose of monetary policy. "They've got a new administration with a new set of fiscal policies, and the monetary policy has to respond to that," Bank of America chair and CEO Brian Moynihan told Yahoo Finance at the World Economic Forum in Davos, Switzerland.