Donald Trump has consistently railed against Fed Chair Jay Powell, a man the president himself nominated in his first administration, but Powell has reportedly just been given the "upper hand."
Trump has nicknamed Powell "too late" in connection with the Fed chair's refusal to bow to Trump's will when it comes to U.S. interest rates. But Powell has just been given the "upper hand," journalist Andrew Ross Sorkin said Wednesday.
Sorkin says the numbers set up a "very interesting conversation about what President Trump, for example, would ultimately say right now to a Jay Powell. who course, runs the federal reserve."
"Just overnight, if you saw, you had the president saying that Jay Powell should be resigning from his role because he should be lowering interest rates," Sorkin said. "This morning, I think this jobs number would give Jay Powell the upper hand to say, look, the reason I'm not lowering interest rates is the economy actually continues to be quite good, which is something you'd think that the president would enjoy and like."
He added, "Nonetheless, I think the chance right now of interest rates going lower anytime soon is taken off the table a bit this morning as a function of these jobs numbers."
