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Who is Jerome Powell? The man Trump keeps trying to fire holds the fates of US economy and stock market in his grasp
He's the Chair of the Federal Reserve, and his interest-rate decisions are under extreme scrutiny from Donald Trump and stock investors alike.
Traders will be listening intently to Jerome Powell's speech at the Boston Fed today for signs the central bank is changing its tune on policy.
Stocks are euphoric after the Fed hinted it could cut rates within weeks — and analysts are freaking out
"We can't believe we are talking about a rate cut as soon as July, as the economy is NOT in a recession," said one analyst.
The Federal Reserve's favorite measure of inflation rose at the slowest pace in more than a year while consumer spending picked up.
President Donald Trump often blames his monetary policy frustrations on Fed Chairman Jerome Powell, but rates are determined by a group of central bankers.
Federal Reserve officials expect some aspects of the economy to improve in the coming months and could still increase interest rates later in the year, minutes from its latest meeting revealed Wednesday.
Economists say that Trump's potential Fed nominees could hinder the central bank's ability to respond to a recession.
The Federal Reserve is widely expected to hold interest rates steady on Wednesday and to signal further that it may be a while before another hike.
Expectations for a rate hike this year have fallen below those for a cut, according to Bloomberg data.
"The prospect of low rates for longer is music to the ears of equities, as firms benefit from lower borrowing costs," said Jasper Lawler at London Capital Group.