Listen: Trump, Federal Reserve And President discussed on Bloomberg Surveillance
"Tweet another take down to the Federal Reserve the president saying if the fed had done its job properly, which it has not the stock market would have been five thousand to ten thousand additional points. Quantitive tightening was a killer. We should have done the exact opposite to weigh in a man that doesn't need much of introduction. It's Ian, Brenna Eurasia group president in greatest. See you because with you. Let's just talk about the independence of the Federal Reserve and to what extent that's being damaged at the moment. There's no question that Trump's tweets are undermining the way we think about the fed, but Jay Powell is very much a capable qualified and independent chief. And that's certainly nobody is making the argument that his decisions have been undermined or politically skewed by Trump. I think the bigger question has been the recent move by Trump to push even more and Herman Cain as fed board members. I mean, these are Steven Moore's economic capabilities make AO see look like a strong economist. Right. So you would this isn't the political scientist, and I it's pretty clear to me that these are not people you want on the board. But, but I do think that if Trump were to win in twenty twenty and he decides to get rid of Jay Powell at that point, which has not that that's not really been tested in like, so many things that Trump ministry. Then I think we could be having a different conversation about the institution as do. You think it is likely even possible for that matter the president can't get rid of the chairman of the Federal Reserve? I think it's possible at after four years, I do, and I think that that would be difficult to with if Republicans are also sort of a majority at that point in Senate, and certainly Trump wins. You think that'd be the case? It's hard to see a lot of yelling and screaming about it. Defined the blue button the blue button is for Chelsea blue. Let's say there. Okay. Fed independence in all that. But it's within an international architecture right now what John, and I hear interview to interview is the separateness of domestic economy versus all the international back and forth. Do you buy that separateness? Or is that just a thing of the moment we should bundle. It all together. I mean, look you look at the and you see a process that is actually not being politicized. Even though many people said it would actually is being handled by bureaucratic coalition to put to ensure that you have a new technocratic head. The the Chinese are not moving towards a a floating currency. And so you don't think of the. As being one of the important central banks in how the world manages flows of currencies. I mean, if you look at all of the ways that the geopolitical order has been fragmenting in the last twenty five years central banks have not been one of them. That's actually one of the places where you would say the world looks more like the old American lead or than any other area. Central banks there. But the question for listeners is chairman Paul central banker to the world, and you know, you look at the IMF meetings, which devolved from Thailand or Eliza down"