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President Trump has given some heat to Jerome Powell, chairman of the Federal Preparatory System, after the Central Bank. I maintained the interest rate Stable Wednesday.

© AP communication

Trump blamed Fed and Powell on Wednesday that they allowed inflation to the spiral. 4 years high In the pandemic of COVID-19 and the aftermath of the economic recession.

Trump frequently criticizes the Fed's monetary policy during his first term and recently knows how to deal with interest rates better than central banks.

When the Fed began to reduce interest rates last fall, tightened it in response to inflation after pandemic, and then loosened the policy. I relieved his criticism Powell said he had him provide his term.

However, Trump regained the heat to Powell last week.

“I think I know interest rates much better than them, and I think I know that it is much better than the one in charge of that decision.” Tell the reporters last week and mentioned Powell on the surface.

Powell said at a press conference on Wednesday that he had it. There is no contact Trump is, despite his public remarks.

Here are the hill Silvan Lane and Tobia Subanz.

Welcome to the hill Business and economy newsletterARIS FOLLEY and TAYLOR GIORNO cover the intersection between Wall Street and Pennsylvania Avenue.

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Essential reading

Major business and economic news affected this week:

Trump is bash given to the bank after a bank has reduced interest rates.

The assistant of the White House says that the freezing of expenditures has not been canceled despite notes.

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Tax -watch

Welcome to the tax watchThe Hill's Business & Economy Newsletter's new features focus on tax reforms and promotion to extend this year's 2017 Trump tax cuts.

Reconciliation may suppress Trump's plan to abolish taxes on social security.

President Trump said to a Republican member this week that he wanted a bill to eliminate taxes. Tips, overtime, social security -The promise he went to in a campaign trail that exceeded the time due to the 2017 Trump tax reduction.

However, the legislative experts say that changing the social security in a settlement bill, which is a more restrictive legislative format pursued for the party's line bill, is not on -site. I talked.

“Trump does not intend to get tax -exempt social security benefits for reconciliation,” said Hill, a senior Fellow Howard Grekman at the TPC (TPC).

“you do [reconciliation] In the case of taxes, in the case of forced expenditures except social security, and sometimes they have found a way to do it for discretionary expenditures, but I do not intend to do so. [that]。 “

The TPC analysis revealed that removing social security taxes accelerates program bankruptcy, and that middle and middle -class households are more dominant than low -class earners.

-Tobia Subanz

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