Trump has good reason to be infuriated over Fed Chairman Jerome Powell’s make-it-up-as-you-go-along interest rate policies.
As the chart below from monetary expert Louis Woodhill shows, Powell has been like a blind man throwing darts at a dart board in hitting his 2% inflation goal.
He shafted Trump in 2019 when he kept interest rates high, even though inflation was below the 2% Fed target. This chokehold on the money supply almost veered the U.S. economy into a recession ditch. Then throughout almost the entire Biden presidency, inflation towered over the 2% target and…where were the rate hikes?
Few and far between. The Fed has only gotten inflation within 10% of its target rate in 3 out of 76 months under Powell.
His series of rate changing blunders reminds us of those memorable lyrics from Katy Perry’s hit song Hot N Cold:
You’re hot, then you’re cold
You’re yes, then you’re no
You’re in, then you’re out
You’re up, then you’re down
You’re wrong when it’s right
It’s black, and it’s white…
Powell should be fired for gross incompetence.