We had the news on this posted many hours ago: Trump wants to hold rates high until after the election, no cut until after the election (which is three and half months away); Trump was speaking in an interview with Bloomberg TV when he gave, says the FT, the 'warning' to Powell not to cut. The Financial Times have splashed the story now also: https://www.forexlive.com/centralba...ot-to-cut-rates-before-the-election-20240717/ Clown. Mega clown. Trump.
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Why cut rates? The stock market sure dont need it. All 3 indexes keep setting new highs almost daily.
The average credit card rate in the US is currently 24,84%. A rate cut would help American families paying of their debt - which is on average $6501.00. Americans' total credit card balance is $1.115 trillion in the first quarter of 2024. Total household debt rose by $184 billion to reach $17.69 trillion, according to the latest Quarterly Report on Household Debt and Credit.
Every single fu^king day another pathetic article or segment on almost all financial networks about rate cuts. It's absolutely fascinating that this is the only thing besides ai is what markets want. Every day the same question about when are they going to cut rates and by how much. ....5% is actually historically low and as you can see the economy and markets and everything else in between doesn't need more fed juicing. Corporate profits continue to surge. Hoiusing prices continue to surge. Commodities continue to surge. Equities continue to surge...now they literally expect and absolutely 100% chance of a tiny .25% rate cut in September. Absolutely nothing warrants this cut nor the next 2 or 3 that some have predicted into December. The only way the fed would have the funds rate below 3% at this moment and more rate cuts on the horizon was if the s&p was sitting well below 4000. ...you may not believe it but stocks dropping and in free fall in fear have more of an impact on rate decisions than you may think....if we were going into the summer with the s&p down 20% the fed would have already lowered rates and everybody would be singing happy melodies all while giving wallstreet even more free juice to pump up equities....
Whoaaaaaa who is writing these lies....rate cuts would help help American families pay off their debt???????? I bet over half of this debt came when the average apr on credit cards was under 19.9999999999% percent..... I honestly want to see this credit card debt figure 3 months 6.months and 1 year out after the fed is done cutting rates to see if a drop in the average credit card rate from 24.84% to say 19.9999999%%%% is really going to have consumers running to pay off their credit cards......I hope this isn't a scare tactic to have fed funds rate lowered.
Here's the original Bloomberg post of the "interview". https://www.bloomberg.com/news/audi...sits-down-with-bloomberg-businessweek-podcast You'll note there is NO AUDIO from the interview, just Bloomberg reporters (all of which despise Trump) sitting around talking about "what Trump said" when they sat down with him back in June at Mar-A-Lago. Of course people that hate him will characterize his comments in some unflattering way. He probably didn't say anything of the sort, but who needs facts when you can just make up your own "headlines".