Washington - After being heavily criticized by President Trump for raising interest rates from zero to just below the inflation rate, Federal Reserve Chairman Jerome Powell and Fed Open Market Committee members have indicated that they will slow, or even reverse future increases, so that billionaire investors, who own a large percentage of real estate and company stock, can once again benefit from interest rates that are significantly below the inflation rate.
President Trump, whose various companies owe banks billions in loans, was appalled by the Fed's recent hikes.
"The Fed has gone crazy", said Trump at the end of last year. "It is insane for them to allow small savers to collect one percent interest on their deposits at the expense of me, Steve Mnuchin, Wilbur Ross and our billionaire friends at Goldman Sachs, very unfair."
Trump's Head Economic Advisor Larry Kudlow added, "our economy and all of the fantastic gains we have had in the last two years will vanish if the Fed insists we pay savers to park their money in banks".
