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Trump has discussed firing Federal Reserve chairman in ‘frustration’ after rate interest hike: report

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President Donald Trump may fire the chairman of the Federal Reserve because of his decision to raise interest rates, Bloomberg reports.

The report says Trump has “discussed firing Federal Reserve Chairman Jerome Powell as his frustration with the central bank chief intensified,” blaming him for months of stock-market losses.

The report is sourced to four people familiar with the matter.

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“Advisers close to Trump aren’t convinced he would move against Powell and are hoping that the president’s latest bout of anger will dissipate over the holidays, the people said on condition of anonymity. Some of Trump’s advisers have warned him that firing Powell would be a disastrous move,” the report says.

Trump has been counseled to not make the move, the report said, and market watchers think things could go sideways if he did.

“Any attempt by Trump to push out Powell would have potentially devastating ripple effects across financial markets, undermining investors’ confidence in the central bank’s ability to shepherd the economy without political interference.,” the report said.


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Peter Navarro warned Trump coronavirus could kill 500,000 Americans — back in January: NYT

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President Donald Trump was warned COVID-19 could be catastrophic, according to a bombshell new report published online by The New York Times on Monday evening.

"A top White House adviser starkly warned Trump administration officials in late January that the coronavirus crisis could cost the United States trillions of dollars and put millions of Americans at risk of illness or death," the newspaper reported.

"The warning, written in a memo by Peter Navarro, President Trump’s trade adviser, is the highest-level alert known to have circulated inside the West Wing as the administration was taking its first substantive steps to confront a crisis that had already consumed China’s leaders and would go on to upend life in Europe and the United States," The Times continued.

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Oil prices jump on hopes for output cut deal

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Oil prices rebounded Tuesday on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

Prices have fallen sharply since expectations for a quick deal to cut output levels were dashed, but the rescheduling to Thursday of a meeting of major crude producers boosted sentiment.

US benchmark West Texas Intermediate was up 3.83 percent to $27.08 a barrel in Asian morning trade.

A barrel of Brent crude, the international benchmark, was trading 2.81 percent higher at $33.98.

Prices fell to 18-year lows last week as the market wallowed in oversupply arising from a price war between Saudi Arabia and Russia, which have ramped up production.

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Trump and his allies have financial ties to companies that manufacture untested drug he’s touting for COVID-19: report

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President Donald Trump's fixation with hydroxychloroquine, a drug used to treat malaria and lupus, as a potential treatment for the novel coronavirus has left many medical experts, including members of his own administration, frustrated. The drug comes with severe side effects ranging from nausea and hair loss to blindness and cardiac arrest; the hoarding of the drug to test it in COVID-19 patients has resulted in autoimmune patients being denied it, and the evidence that it even helps COVID-19 patients in the first place is anecdotal at best.

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