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- Fed is ‘fundamentally making a mistake’ by cutting rates - JP Morgan strategist
Fed is ‘fundamentally making a mistake’ by cutting rates - JP Morgan strategist
A top strategist at J.P. Morgan Asset Management said that the Federal Reserve is “fundamentally making a mistake” with its anticipated rate cut at the end of the month.
David Kelly, the chief global strategist at J.P. Morgan Asset Management, said that he doesn’t think rate cuts will boost the U.S. economy and that the expected cut is in part due to political pressure from the Trump administration on Fed Chair Jerome Powell.
“Chairman Powell admits that really it is fiscal policy that has any possibility at all of stimulating the economy,/ Not, by the way, that you need to stimulate the economy when you’ve got a 3.7% unemployment rate” Kelly said.
President Trump has reportedly discussed attempting to remove Powell from his position. Powell reiterated on Wednesday that he intends to serve his entire term and said “my answer would be no ” to an attempt by Trump to fire him.
“I think they’re worried about independence. I think they’re worried about getting too criticized by the administration,” Kelly said.
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