Foreign media: Musk may support Trump's intervention in the Federal Reserve
CNBC reported that Musk is a loyal supporter of President-elect Trump and supports the idea of "allowing the president to intervene in Fed policy." The report stated that Republican Senator Mike Lee of Utah had previously called on the Fed to "obey the president" on social media. In response, Musk posted a "100" emoji on the 8th, indicating full agreement. Mike Lee added the hashtag "#EndtheFed" to his post. Although Musk's comment was brief, it reflected a broader pressure campaign on the independence of the Fed that may form in the next Trump administration. The report stated that Fed Chairman Powell had stated on the 7th that even if Trump asked him to resign, he would not. This marks a potentially controversial relationship between the Fed chairman and the president-elect. The Fed's independence tradition is designed to give the central bank the ability to formulate monetary policy based entirely on the future health of the US economy, such as raising or lowering interest rates. (Jinshi)
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Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.