Investing Isn’t a Morality Play. But Trump’s Actions Will Hurt
Renovation work on the Marriner S. Eccles Federal Reserve building has prompted a probe on Chairman Jerome Powell amid a push from President Trump for lower interest rates.
Photographer: Alex Wroblewski/BloombergThis article is for subscribers only.
Don’t expect markets to be a chastening force on an emboldened President Donald Trump. For all the dire predictions after his Department of Justice launched a probe on Federal Reserve Chair Jerome Powell, stocks and bonds are doing fine.
But Trump won’t stop trying to push the cost of borrowing lower. Doing so with coercive actions will eventually catch up with markets. That's because currency debasement and asset appreciation will rekindle inflation.