Chair of the Federal Reserve: The current monetary policy is appropriate, neither hindering economic development nor moderately limiting... Inflation is still higher than desired levels, and the employment situation is basically in line with the expected goals. In this case, the policy should have a certain restrictive effect
He refused to commit to starting rate cuts in September, insisting on "based on the data at that time"
Reporter asked "Trump is pressuring, are you worried about the independence of the Federal Reserve?"
Volcker replied "An independent central bank is in the public interest and should continue to be maintained and respected"
Trump: A lot of money is coming in, and there is no inflation. At this time, we should cut rates... This gentleman, every percentage point we maintain, we pay an additional $365 billion in interest... We should have the lowest interest rates, but now it's the 38th... Because of the Federal Reserve, it's always too late. Today not cutting rates, September may not, no one knows why... Europe has cut rates 11 times, our economy is very good, exceeding any country in the world, leading far ahead.
Original: https://www.toutiao.com/article/1839110802121738/
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