Market Overview Analysis by James Picerno covering: Brent Oil Futures, United States 10-Year. Read James Picerno's latest article on Investing.com
In President Trump’s first week in office, he issued a blitz of executive orders, but perhaps his most ambitious statement to date is his claim yesterday that he would order the
It’s an ambitious agenda, but the odds are low that Trump could, from the bully pulpit of the White House, issue orders that change interest rates and oil prices in a meaningful degree over time. Impossible? Maybe not. This, after all, is Trump and his political rise has come at the expense of numerous political norms that are now buried under the rubble of the collapsed old-world order that was Washington pre-2016.
Could the president fire the Fed head? “No,” Powell told reporters in November. “Not permitted under the law.” Perhaps the president would have more success lowering oil prices. Although Saudi Arabia is only one of several members of the OPEC cartel, the kingdom does have an outsized influence over crude prices, thanks to the country’s ample reserves – the world’s second-largest. No less important is the low cost per barrel to pump Saudi oil – the lowest among producers.
To be fair, Trump is hardly the first president to cajole the Fed and oil producers. Nixon, for example, famously pressured Fed Chairman Arthur Burns to expand the money supply for political purposes in the run-up to the 1972 election. The results, however, weren’t encouraging.
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