2018 FOMC minutes. Trump’s “talk” reaffirms that it will not affect monetary policy.

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Written By Rahul Chandak

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WASHINGTON – The minutes from the eight Federal Open Market Committee (FOMC) meetings held in 2018, released by the U.S. Federal Reserve on the 12th, reveal that despite then-President Trump’s scathing criticism of the Federal Reserve and Chairman Powell, he was rarely mentioned among policymakers.

This once again demonstrates that he had no influence on the management of monetary policy.

Trump’s Unconventional Criticism:

Despite breaking norms by openly criticizing the Fed and Chairman Powell, Trump’s impact on policy management was notably absent.

Powell’s Silence Amidst Criticism:

Chairman Powell, though criticized by Trump in various forums, never mentioned the President’s name in public remarks or FOMC minutes.

Limited Mention of Trump in Meetings:

Throughout 2018, Trump was rarely discussed among policymakers, emphasizing the independence of the Federal Reserve.

Powell’s Diplomacy:
Even when directly addressing Trump’s statements about the Fed, Powell asserted that they had “no impact on policy.

Market Perceptions:

During the FOMC meeting in July-August 2018, discussions about Trump’s statements indicated investors believed it wouldn’t significantly impact the market.

Political Dynamics in 2024:

As Trump leads in the Republican nomination race, the upcoming election could pose challenges if he returns to the presidency.

Powell’s Term and Future Challenges:

If Trump returns to office, Powell’s term ending 1 year and 4 months later may bring personnel issues to the forefront again.

Covers the US Federal Reserve, monetary policy and the economy, a graduate of the University of Maryland and Johns Hopkins University with previous experience as a foreign correspondent, economics reporter and on the local staff of the Washington Post. 

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