ECONOMY/FEDERAL RESERVE/TRUMP AS PRESIDENT/TRUMP PEOPLE: “The Federal Reserve’s meeting this month was never going to be an easy one given that officials remain split over when — or whether — to cut interest rates. The last few weeks could set the Fed up for an even more difficult call. President Trump has put the Fed under a microscope, jawboning officials for months to cut rates and calling the central bank America’s ‘most difficult problem’ in a series of posts on Twitter on July 5. The Fed’s chair, Jerome H. Powell, and his colleagues say they ignore politics when making decisions. But if they do reduce interest rates, as markets expect, some slice of the Fed-watching public will interpret that as a sign that they have caved under pressure even as job gains remain solid and economic growth is still strong. If they stand pat, they’ll deliver an unwelcome surprise to markets and could incur the White House’s wrath. Mr. Powell will get a chance to lay the groundwork for the Fed’s meeting on July 30 and 31 when he testifies before lawmakers on Wednesday [7-10-19] and Thursday [7-11-19].”
–Jeanna Smialek, “Fed, Pressed by Trump to Cut Rates, Faces Fire No Matter What It Does,” The New York Times online, July 9, 2019