BAKERSFIELD, Calif. (KGET) — Chair professor of economics Dr. Richard Gearhart discussed the inflation report and the indictment threat against the Federal Reserve’s Chair Jerome Powell.
Powell is calling the DOJ’s investigation into him ‘political pressure’ and ‘intimidation’ because he predicts president Trump will be unhappy with interest rates that are “based on evidence and economic conditions.”
President Trump denies this and says the probing has nothing to do with interest rates.
The latest report from the Bureau of Labor Statistics shows prices were down 3.4% from the year earlier, which shaved a tenth of a point off the 12-month inflation rate.
President Trump has proposed a one year 10% cap on the interest rates that American credit card companies can charge customers, leaving major banks scrambling.
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