By Ambrose Evans-Pritchard
The Telegraph, London
via Yahoo News, Sunnyvale, California
The U.S. Federal Reserve must henceforth be considered the personal political agency of Donald Trump. America's monetary credibility has been utterly trashed.
The world's superpower central bank will set interest rates at his whim, much like the Turkish central bank under the Erdogan regime.
... Dispatch continues below ...
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Markets must now assume that Trump will compel the Fed to soak up America's exorbitant debt issuance and hold down long-term interests by a form of de-facto yield curve control.
They must also assume that Trump will force the Fed to press the pedal to the floor and slash interest rates far below the natural Wicksellian rate until the midterm elections are safely out of the way next year. ...
... For the remainder of the commentary:
https://uk.news.yahoo.com/trump-bully-fed-t-bully-132417903.html [2]
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