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Trump’s push to cut interest rates has echoes of ‘banana republic’, says Yellen (www.theguardian.com)

submitted 1 day ago by Powderhorn@beehaw.org to c/politics@beehaw.org

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The former US Federal Reserve chair Janet Yellen has attacked Donald Trump’s push for lower interest rates, comparing it to the actions of a “banana republic”.

The US president has repeatedly urged the central bank to slash interest rates, in the hope of cutting the government’s borrowing costs on its $39tn (£29tn) debt.

In a post on his Truth Social platform in January, Trump wrote: “We should be paying the LOWEST INTEREST RATE OF ANY COUNTRY IN THE WORLD.”

Speaking at an HSBC investor summit in Hong Kong, Yellen said: “How often does the president of a developed country express the view that the interest rate should be set to reduce the debt service cost? This is what you hear in a banana republic.”

She argued that inflation can get out of control if central banks fall under the control of politicians whose aim is to borrow more cheaply.

I don't think Trump gives a shit about Treasury debt. He just wants to be able to grift for cheaper.

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[–] thefluffiest@feddit.nl 3 points 1 day ago

Orange Republic*