Lawmakers, Wall Street shrug off Trump’s escalating Fed attacks
By Sylvan Lane
GOP lawmakers are downplaying President Trump’s escalating attacks on the Federal Reserve, saying his comments are unlikely to influence the central bank’s policy makers, many of whom were appointed by Trump. Republicans on Capitol Hill said that while they may disagree with the substance of Trump’s remarks, they support his right to break with decades of White House precedent by publicly criticizing the Fed, an entity that fiercely guards its independence from politics. …Karen Petrou, managing partner at Federal Financial Analytics, said it was “fascinating … how immediately U.S. markets totally discounted what the president said.” She said the yawning reaction on Wall Street is likely a sign that traders “are getting used to him saying a lot of things that no president has said before and they have confidence in the Fed’s strength and independence.”