The president also said we should just refinance the $22.5 trillion U.S. debt load like it’s a failed Atlantic City casino
: “The USA should always be paying the the [sic] lowest rate. No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of ‘Boneheads.’”
There’s a lot to address here, the first point being that there is no way in hell Trump knew to put an accent mark, let alone a diaeresis, on “naïveté.” As for the notion of the Federal Reserve cutting interest rates to zero “or less,” what our fake-businessman president fails to grasp is that doing so would leave the central bank with little way to fight a recession should his trade war and other economic policies tip the economy into a downturn.
“It’s not viable and could be a significant problem for investors, financial markets, and ultimately the economy,”chief economist at Moody’s Analytics, told the business network. “The debt is not prepayable. There’s a contractual relationship the Treasury has with investors. This isn’t a mortgage, this is U.S. Treasury debt. I think it would be incredibly disruptive to financial markets, and interest rates would ultimately rise, not fall.
The Fed is expected to announce another quarter-point rate cut at its meeting next week, and despite the fact that it’s a move in what Trump thinks is the right direction, it’ll likely elicit the sort of pitched screaming that only dogs can hear.
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