Trump wants to blame the Fed, not control it

That is the title and topic of my latest Bloomberg column.  Here is one short bit:

In essence, Trump wants a fall guy. He may be secretly afraid that his “trade war” and general political volatility — or just plain bad luck — will damage the U.S. economy. If that happens, Trump will need a political target to absorb the criticism. With midterm elections around the corner, he doesn’t want to point the finger at Congress. Hillary Clinton can no longer serve as a plausible target. So the Fed is the convenient scapegoat. The last thing he wants is for the Fed to do exactly as he says, because then he would have no one to blame but himself. He did stress, “I’m letting them do what they feel is best.”

Do read the whole thing, it represents a revision from my earlier view.


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