Savers Need to be Punished with Lower Interest Rates Due to Trump Tariffs, Says Fed Chief Powell

Written by Jaki Treehorn

Thursday, 6 June 2019

image for Savers Need to be Punished with Lower Interest Rates Due to Trump Tariffs, Says Fed Chief Powell
Jerome Powell and Donald Trump

Washington - Federal Reserve Chairman Jerome Powell sent the stock market sharply higher on Monday, saying that President Trump's trade wars with China and Mexico have introduced a measure of risk into the U.S. economy, and, as a result, interest rates may have to be lowered.

"Small savers shouldn't be so greedy, they are getting almost 1.5% on their money while inflation is only 2%, according to our statistics which are specially designed to eliminate rising prices", said Powell. "Mr. Trump, who owes billions in loans to banks like Deutsche Bank, is conducting an easily winnable trade war with China, we need to support him by lowering the amount of interest he pays", continued the Federal Reserve Chief in comments made in Washington over the weekend.

Trump was supportive of Powell's comments. "Maybe I won't fire him now", said the President.

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