As Robert Steele has been predicting.
Dick Bove: Trump poised to take control of the Federal Reserve
- President Trump sharply criticized the Federal Reserve this week, saying interest rate increases are hurting the economy.
- Trump will have the opportunity to fashion the central bank in the image he would like as he has four vacancies to fill on the board of governors.
- The result could be a more politicized Fed.
Bottom Line:
The president can and will take control of the Fed. It may be recalled when the law was written creating the Federal Reserve the secretary of the Treasury was designated as the head of the Federal Reserve. We are going to return to that era. Like it or not the Fed is about to be politicized.
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