China's central bank governor Yi Gang said his team would not resort to “flood-like” stimulus to support growth, and then almost took a swipe at the Fed as well as monetary officials from Frankfurt to Tokyo.
Share to twitterYi Gang, president of the People's Bank of China, answers a question during a press conference onWANG ZHAO/AFP/Getty Images
Trump has been dragging the Federal Reserve down a rabbit hole with Japanese characteristics. Miffed that U.S. policymakers would dare normalize interest rate policy, Trump has taken Powell to task in unprecedented ways. He’s called the Fed “,” toyed with replacing Powell and even expressed envy over Chinese President Xi Jinping’s central bank.
This, it’s worth noting, is how the Fed used to think. It’s the mindset that had Powell’s predecessor Janet Yellen hiking rates . It’s type of policy framework that, at times, informed Alan Greenspan during his 1987 to 2006 governorship. Ditto for Priorities changed in a hurry in 2008 amid Wall Street’s crash. In response, the Fed, then under the direction of Ben Bernanke, turned Japanese. It cut rates to zero and beyond.
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