President Donald Trump reiterated his criticism of Federal Reserve Chair Jerome Powell Tuesday during a dinner with business leaders in Tokyo attended by Apple’s Tim Cook, Salesforce’s Marc Benioff, and Softbank’s Masayoshi Son.
Trump dined with chief executive officers including Salesforce Inc.’s Marc Benioff, Toshiba Corp.’s Taro Shimada, and Rakuten Group Inc.’s Hiroshi Mikitani as he looked to tout Japanese investment in the US and wrapped his visit to Tokyo.
OpenAI Inc. co-founder Greg Brockman, Honda Motor Co. President Toshihiro Mibe and Anduril Industries Inc. founder Palmer Luckey were also among the guests at the dinner at the home of US Ambassador to Japan George Glass.
The event came as the White House announced a new series of pledged economic investments in the US. Under a trade framework reached earlier that year, Trump lowered and capped tariffs on Japanese goods in exchange for a pledge for Japan to fund $550 billion in US projects.
MacDailyNews Take: The sooner Powell is gone, the better.
On interest rates, Powell was way late to hike, then didn’t go nearly high enough, and then started cutting too early. Three strikes and you ought to be out. – MacDailyNews, November 15, 2024
Now Powell is too late to cut. Four strikes and counting.
Receipts:
In July 2023, the Fed stopped raising rates too soon. – MacDailyNews, July 2, 2024
A premature rate cut by the Fed is of higher probability in an election year. – MacDailyNews, April 2, 2024
As we wrote in February 2023, “When certain quarters, including the Fed, delude themselves and others that ‘inflation is transitory’ and waste at least a year before doing a mere portion of what is necessary* (interest rate hikes), the price will be paid for being delusional and late.”
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
For new generations, sometimes tough lessons have to be retaught and learned the hard way. As we go through this, remember: It’s always darkest before the dawn. – MacDailyNews, July 14, 2022
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