Six summers ago, Donald Trump lamented privately to Republican donors that he expected Jay Powell to be a “cheap money” Fed chair. To the President’s chagrin, Powell had recently raised interest rates. Thus, making money more expensive. Most real estate guys like Trump are allergic to high rates. Back in 2018 they were certainly no bueno for his growth-focused agenda. The President told Fox Business the Fed was his “biggest threat.” He even admitted to the Wall Street Journal he “maybe” regretted appointing Powell. Appointer’s remorse! Then came Trump’s biggest zinger of them all: “The Fed is like a powerful golfer who can’t score because he has no touch—he can’t putt!” … Read more