*checks the DOW
*sees another 699 point drop
Wonder what the Orange King of Bankruptcy did this time?
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Trump's new tariffs risk repeating mistakes of the past. History shows such policies often backfire, provoking swift retaliation and harming domestic industries
The ConversationBeggar thy neighbor, harm thyself: Tariffs like Trump’s come with pitfalls, history showsAs the US imposes more tariffs, a global backlash is brewing – from subtle trade barriers to strategic countermeasures targeting red-state industries.
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The 3 major #US #stock indexes extended declines in afternoon trading on Wednesday while #JeromePowell spoke.
"Powell’s saying what the market has been fearing all along. And it’s coming from the Fed chief, confirming all these things," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
#US #economy #Trump #policy #Fed #US #law #regulation #currency #inflation #tariffs #recession 
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#JeromePowell said #Fed independence is a matter of #law! [tyvm]
His remarks on Fed independence drew a round of audience applause in Chicago.
He said:
We are protected in the law
Fed independence has broad support across political parties
I don't think the case before #SCOTUS on independent agencies will apply to the Fed
Fed is not going to be influenced by political pressure 
#US #economy #Trump #policy #US #law #regulation #currency #inflation #tariffs #recession
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#AI likely to bring dramatic change, #JeromePowell says
Powell also said:
AI is more than a better version of Google, and it's like a better version of a person [at least he doesn’t confuse it with a steak sauce]
AI is one of the two or three things likely to bring dramatic change to the economy
It's hard to know how it will shakeout
#US #economy #Trump #policy #Fed #US #law #regulation #currency #inflation #tariffs #recession
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#JeromePowell on #cryptocurrency
#Crypto is becoming more mainstream, & a #legal framework for #stablecoins is a good idea
Stablecoins could have wide appeal, & *should* have #ConsumerProtections!
There will be some loosening of rules to allow innovation, but it needs to be done in ways that does not make banks less safe & sound
#US #economy #Trump #policy #Fed #US #law #regulation #currency #inflation #tariffs #recession
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Federal debt is on an unsustainable path, though not at an unsustainable level.
Running large deficits w/full employment is a situation the country has to address
Domestic discretionary spending is small & declining as a share of federal spending; that is not the problem
So much of the dialogue from politicians is about discretionary spending, which is not the issue.
#US #economy #Trump #policy #Fed #US #inflation #tariffs #recession
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The #Federal is ready to provide #dollar liquidity through its swap lines w/other central banks as needed, #JeromePowell said.
"We want to make sure that dollars are available.”
"The reason we do it is it's really good for US consumers, so we'll do that just as part of the dollar being a reserve currency.”
Reserves are still abundant
Not close to where Fed would stop balance sheet runoff
The slower the Fed goes, the smaller the balance sheet can get w/o disruption
Continued thread
#JeromePowell said #markets are processing the #policy changes, but they are functioning.
"What I think is going on in markets is markets are processing what's going on, markets are struggling with a lot of #uncertainty & that means #volatility.”
He also said that volatility is likely to continue given the high uncertainty.
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#JeromePowell says #Fed could have to make a difficult decision.
The Fed's 2 goals are not yet in tension, but the potential is leading to simultaneous higher #unemployment & higher #inflation.
The tension between employment & inflation goals would be a difficult position for the Fed to lower rates.
#US #economy #Trump #policy #JeromePowell #Fed #US #inflation #tariffs
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#JeromePowell said that #trade policies pursued by the Trump admin will create challenges for the central bank to meet its #job & #inflation mandates this year.
The new trade policies represent significant change.
"The effects of that are likely to move us away from our goals, so #unemployment is likely to go up as the #economy slows in all likelihood, & inflation is likely to go up as #tariffs find their way" into the economy.
He added this will likely play out over the course of the year.
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#JeromePowell on federal #funding cuts:
With cutbacks in federal funding for #science, the #Fed is hearing of significant #employment impacts.
Cutbacks to #university & #research funding are causing significant impacts in some cities; it could have longer-term effects on productivity.
Continued thread
#JeromePowell also said #Immigration has been a big reason growth has been so strong over the last couple of years.
The growth in the supply of #workers has stagnated, but so has demand for workers, as companies make cutbacks which is why unemployment is relatively stable.
Government layoffs are not yet measured enough to know effect on the #economy
#Car company #SupplyChains are likely to be disrupted for years.
#Fed Chair #JeromePowell on #US #economy & #inflation amid #Trump #tariffs uncertainty
US #stocks added to losses as Powell was speaking.
"The tariffs are larger than forecasters had expected, certainly larger than we expected, even in our upside case," he said.
He also said the Fed is still uncertain what Trump’s new trade policies will ultimately be.
The effects of policies now will likely move the Fed away from its goals.
By Voting for Democrats We Make Our Lives Better!
North Carolina Attorney General, Jeff Jackson, has reached a settlement with the landlord company Cortland Management LLC.
“Today’s settlement means one less landlord is using RealPage’s unlawful AI software to charge North Carolinians unfair rents. We’re going to keep fighting this case to make sure all landlords and property managers play by the rules and people can afford rent.
There are still 5 companies he’s still suing, but this is a huge win for a future with fair rent. #housing #rent #economy #Justice #northcarolina #ncpol
Thanks in part to the 
cancer ;
“ China posted economic growth of 5.4% in the first three months of 2025, official figures showed on Wednesday.
That was higher than the expectations of more than 50 economists surveyed by Reuters, who had predicted expansion of 5.1%.“
https://www.cnn.com/2025/04/15/business/china-economy-growth-q1-hnk-intl?cid=ios_app
CNN · China posts unexpectedly strong economic growth before tariffs bite
Financial Times reported China can make American #consumers feel the pain of a #tradewar in variety of different ways heading into the summer months and holidays, noting that US #imports 80% of their #iPhones from #China with other key sectors of US consumer goods reflect a very high percentage of imports from China:
90% of #rareearthminerals in the US come from China
80% of air conditioners
80% of electric fans
75% of #toys
75% of #bicycles
50% antibiotics #pharma #medicine #healthcare #economy
Judge scraps US rule capping #CreditCard late fees at $8
U.S. District Judge Mark Pittman in Fort Worth, #Texas granted a joint request by #Trump’s #CFPB and a coalition of 6 business & banking groups [pretty much who the CFPB is supposed to be protecting #consumers from] including the US Chamber of #Commerce & American #Bankers Association to scrap the rule adopted during President Joe #Biden's administration.
#law #economy #PersonalFinance
https://www.reuters.com/business/finance/judge-scraps-us-rule-capping-credit-card-late-fees-8-2025-04-15/
"The university-industry-government partnership became the foundation of Silicon Valley, the aerospace sector, and the biotechnology industry.
Today, China’s leadership has spent the last three decades investing heavily to surpass the U.S. in science and technology.
In 2025, with the abandonment of U.S. government support for university research, the long run of U.S. dominance in science may be over. Others will lead."
https://steveblank.com/2025/04/15/how-the-u-s-became-a-science-superpower/
Steve Blank · Steve Blank How the U.S. Became A Science SuperpowerPrior to WWII the U.S was a distant second in science and engineering. By the time the war was over, U.S. science and engineering had blown past the British, and led the world for 85 years. It happ…