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Stocks give up early gains and fall after the Fed hikes interest rates; Dow loses 750 points (apnews.com)

submitted 2 days ago by vegeta@lemmy.world to c/politics@lemmy.world

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[-] CountVon@sh.itjust.works 39 points 2 days ago

The rate hike is a surprising turnaround for Fed Chair Kevin Warsh, who was appointed by U.S. President Donald Trump and took over the top job in May. While under consideration by Trump last year, Warsh often suggested the Fed could reduce its key rate, echoing the president's call for lower borrowing costs.

Common Trump L. Appoint someone who's telling you what you want to hear, then watch them turn around and do the exact opposite once they're secure in their position. Trump can't fire Warsh now that he's been appointed Fed Chair, just like he couldn't fire the preceding Chair, Jerome Powell. The inevitable storm of late-night rage-tweets is going to be delicious.

[-] fartographer@lemmy.world 4 points 2 days ago

At this point, I'm nearly positive that Trump wants to tank the economy for some PolyMarket bets and to trigger depression era kind of buyouts. The problem is probably that everyone he brings in to destroy something reads a single report and realizes that pulling the lever will collapse the country, and they're worried that Trump will send his J6 crew after them to make it seem like he's just as much of a victim.

[-] vegeta@lemmy.world 22 points 2 days ago

Another Coffee boy Trump hardly knew, who begged him for a job with tears in his eyes.

[-] hoppeduponcoffee@lemmy.zip 16 points 2 days ago

But stock prices weakened later in the day as Fed Chairman Kevin Warsh said repeatedly in a press conference that inflation remains too high and the U.S. economy appears to be strengthening. That could imply the economy is solid enough to withstand more hikes to rates, and other officials at the Fed provided their own forecasts suggesting rates may need to go still higher.

Define “strong economy” for me.

[-] Triumph@fedia.io 14 points 2 days ago

It's when corpos make money, not you.

[-] Kirp123@lemmy.world 11 points 2 days ago

I'm ready for the inevitable Donnie tantrum.

[-] minorkeys@sh.itjust.works 6 points 2 days ago* (last edited 2 days ago)

And this is one reason why Trump wants his own bank. The bank will give loans to the US government with criminal conditions, Trump family will buy the loans for nothing and keep those loans after the bank inevitably goes bankrupt. Trump does not need to have any money. Banks are empowered with the ability to print it directly.

American Republican voters are the dumbest and cruelest ppl on earth.

[-] CharlesDarwin@lemmy.world 6 points 2 days ago

If donnie and pals get themselves inserted into the system like they apparently want to, it will be even worse than that, they will be making money all the time for no good reason.

I mean, even more than the billions they are already self-dealing.

https://www.unftr.com/trump-stablecoin

Congress recently passed a trio of cryptocurrency regulation acts that may fundamentally shift U.S. monetary authority from public to private hands. Very few in Congress appear to grasp the magnitude of this legislation as there was healthy bipartisan support for two of the three bills—the GENIUS Act & Clarity Act—but there was a deep divide on the third and most important bill, The Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing retail stablecoins, thus opening the door for private stablecoin companies to usurp the Fed’s monetary authority.

Behind the scenes, the Trump family has been building a crypto empire that centers around a stablecoin pegged to the U.S. Dollar that can be used to settle global transactions. The upshot: Congress has just given the Trump family the ability to act as the world’s de facto global currency reserve, and the opportunity to become the wealthiest family in the world.

[-] minorkeys@sh.itjust.works 0 points 2 days ago

USD is just another commodity to be bought and sold so yeah, crypto may undermine nation-state fiat currencies altogether and create private, corporate currencies to trade instead. What's happening in America is absolutely insane.

[-] Pyr_Pressure@lemmy.ca 4 points 2 days ago

Yet I think Canada's interest rates have been dropping steadily the past year and almost back to previous levels If I read their reports correctly. Wonder why the difference.

[-] Auli@lemmy.ca 1 points 1 day ago* (last edited 1 day ago)

That is not a good thing though. Isn't increasing interest rates the way to slow inflation.

[-] Pyr_Pressure@lemmy.ca 1 points 1 day ago

Canada's inflation rate has been fairly low/regular the past two years bouncing between 1.6-2.6% with the exception of after the Iran war started and it bounced up to 3.2 and now hovers between 2-3%

Interests rates aren't going to fix our gas and diesel costs.

[-] hark@lemmy.world 1 points 2 days ago

Desperation to keep the housing bubble going.

this post was submitted on 16 Sep 2026

129 points (98.5% liked)

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