Even that doesn’t tell the complete story. The most proximate cause was Trump bullying the Fed to lower interest rates in late 2019, to bail him out for his disastrous tax giveaway to the rich and trade war with China (which he’s about to restart, by the way).
I made some comments earlier about how Trump will soon have Powell turning tricks in a back alley. Nevertheless, it has been Powell’s hand on the tiller, and ultimately the responsibility for the work is his purview.
Even that doesn’t tell the complete story. The most proximate cause was Trump bullying the Fed to lower interest rates in late 2019, to bail him out for his disastrous tax giveaway to the rich and trade war with China (which he’s about to restart, by the way).
100%
I made some comments earlier about how Trump will soon have Powell turning tricks in a back alley. Nevertheless, it has been Powell’s hand on the tiller, and ultimately the responsibility for the work is his purview.