Fed chief Jerome Powell may clash with President-elect Donald Trump over high borrowing costs, according to analysts.
U.S. Federal Reserve Chair Jerome Powell may be heading toward a confrontation with President-elect Donald Trump in the coming months over high borrowing costs, according to analysts.Trump's pledge to lower interest rates and ease financial burdens on American families faces an uncertain future as many economists predict that interest rates may remain elevated for the foreseeable future.If that is the case, Trump could find himself at odds with the Federal Reserve.
The Fed's key short-term rates influence some loans, such as credit cards and small business financing, but it has less control over longer-term rates, such as the 10-year Treasury yield, which directly affects mortgage rates.Even as the Fed reduced rates in September, long-term rates began to rise.This was partly driven by expectations of faster economic growth, which could lead to higher inflation and borrowing costs in the future.
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