RSS

Why Trump wants the Fed to cut interest rates

“President Donald Trump won’t stop haranguing Federal Reserve Chairman Jerome Powell to cut the Fed interest rate …. One entity that would save millions annually from such a move would be Trump’s own company — along with its various businesses.

“The Washington Post reports that before he became president, Trump borrowed more than $360 million in four loans from Deutsche Bank for his hotels in Chicago and Washington, D.C. — and his Doral golf resort in Florida. All of the loans have variable interest rates …. That means the more he can convince Powell to lower the Fed rate, the more money he’ll save. …

“Bloomberg found that for every quarter-point reduction in rates, Trump could save $850,000 in annual interest rate payments on his loans. That would mean Trump could reap more than $3 million in annual savings if the Fed dropped rates a full percentage point — as Trump is demanding. …

“Trump, unlike other presidents, has retained his businesses despite accusations of conflict of interest as he weighs what’s best for him — against what’s best for the American economy.”

You can bet when he pushed through his tax cuts for the rich, he was cutting his own taxes, too. Reported by Huffington Post (click here for story) and cross-posted from HorsesAss.org.


0 Comments Add Yours ↓

  1. Mark Adams #
    1

    Many other Americans also have variable rate loans on properties or credit cards.

  2. Roger Rabbit #
    2

    Which is irrelevant. They don’t appoint the Fed members.