Musk endorses Trump intervening on Federal Reserve after election win

Tesla and SpaceX CEO Elon Musk, the billionaire backer of newly minted President-elect Donald Trump, endorsed the thought of permitting presidents to intervene on Federal Reserve coverage.

In response to a Thursday social media submit from Sen. Mike Lee, R-Utah, which referred to as for the Fed to be underneath the route of the president, Musk on Friday posted the “100” emoji used to convey settlement.

Sen. Lee had punctuated his submit with “#EndtheFed.”

Although transient, Musk’s remark displays a broader stress marketing campaign on Fed independence that would take form within the subsequent Trump administration.

On Thursday, Fed Chair Jerome Powell mentioned he wouldn’t resign from his submit if Trump requested him to take action. That marked the revival of what may once more evolve right into a contentious relationship between the Fed chair and the president-elect.

The custom of Fed independence goals to offer the central financial institution the flexibility to form financial coverage choices — corresponding to elevating or reducing rates of interest — based mostly solely on the longer term well being of the U.S. economic system.

However throughout his first time period in workplace, Trump was not shy about breaking from custom and publicly disparaging Powell and his coverage choices.

Over the course of the 2024 presidential marketing campaign, Trump additionally usually flirted with the thought of giving himself a say in Fed coverage if he have been to win the White Home once more.

“I really feel the president ought to have at the very least [a] say in there,” Trump mentioned in August at a press convention at his Mar-a-Lago membership in Florida. “I believe that in my case, I made some huge cash, I used to be very profitable, and I believe I’ve a greater intuition than, in lots of circumstances, individuals that might be on the Federal Reserve or the chairman.”