Oh, the irony.
More than a few (dozen) people have pointed out that Donald Trump either doesn’t remember what he said 13 months ago about the stock market being “false” and largely a figment of Janet Yellen’s imagination, or more likely, doesn’t care because this is a man who has never been accused of being consistent.
See much like the jobs data, the stock market was “fake” when Obama was President, but now it’s real. In other words, things are “fake news” when Trump can’t take credit for them, but once he can, they’re no longer fictitious.
But Trump can’t sweep the stock market contradiction under the rug, because now he’s got to choose whether to continue with the policies that have driven his beloved stock market to all-time highs, or else usher in a new era characterized by some semblance of sound money and thereby risk a market correction.
Fortunately, he’s got an “out” in Jerome Powell. That is, he can keep the ideological bent at the Eccles building the same without having to suffer the humiliation of reappointing the person he said “should be ashamed of herself” last year.
Well apparently, this evening, a new interview with Trump will air on Fox (so that’s two interviews with Fox Business in the space of four days) and here’s what he will say about Yellen according to the Twitter feed of network producer Brian Schwartz:
I see. Well, if Trump wants to be able to continue to tweet about record high equity prices, he better hope and pray that whoever he appoints in an effort to “make his own mark” on the Fed sticks to the script, otherwise Trump’s “mark” on monetary policy is going to accompanied by a black “mark” on risk assets.
And God knows Trump hates things that are “black.”