Trump’s bizarre wish list: Higher oil prices and negative interest rates
CNNNew York CNN Business — President Donald Trump, never shy about shattering norms, is actively rooting for financial outcomes that few other White House occupants would have ever imagined. Cheerleading higher prices is tone deaf.” Greg Valliere, chief US policy strategist at AGF Perspectives “You don’t want to do something that is trying to help the patient but actually scares the patient and makes a recovery more difficult,” Randall Kroszner, who served as a Federal Reserve governor during the last crisis, told CNN Business. The president’s push for higher oil prices and negative rates underscore the dire situation for the economy — and the enormous pressure on Trump to fix it ahead of the November election. “As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the GIFT,’” Trump tweeted this week. It’s not really in the DNA of the Fed to go negative.” Savers and banks aren’t fans of negative rates America’s powerful banking industry would oppose negative interest rates because such a policy would hammer already razor-thin profit margins.
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