Fed, Trump and Jerome Powell
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Powell delivered the guidance in a highly anticipated speech on Friday at the central bank's annual symposium in Jackson Hole, WY.
While Trump frames the issue as consumer pain, Wharton’s Joao Gomes told Fortune that cheaper borrowing would also ease interest payments on the government’s $37 trillion debt burden—likely a central motivation.
The White House is pressing Senate Republicans to confirm an ally of President Donald Trump to the Federal Reserve board in time for its next meeting in mid-September, when members will decide whether to slash interest rates for the first time this year.
Federal Reserve Chair Jerome Powell delivers a high-profile address at the annual Jackson Hole Economic Policy Symposium.