Jerome Powell doesn't set interest rates.
The Federal Open Market Committee sets interest rates. That's why the release of the committee's prior meeting minutes is always keenly awaited and is by itself a major market mover. Powell's is one vote among many on the FOMC:
Where
interest rates should be today, and when they should be reduced, is
already a topic of debate inside the Fed, a decision, it should be
noted, that cannot be made unilaterally by the chair. Powell’s
leadership and professionalism does not appear to be a concern within
the halls of the central bank. Certainly, none of his colleagues,
present or past, have made the case that he is incompetent.
Similarly the Canadian Prime Ministers' control over trade decisions is also muted, deferring as they must to provincial and territorial authorities.
Trump bullies people like this who cannot make unilateral changes to policy in order to make himself look like an assertive leader to his equally stupid followers.
That's why people like Larry Kudlow disgust me. He knows what I am writing is true, but he joins in on the pig pile nonetheless.
Greater things are at stake in this than interest rate policy. Trump is playing with fire.
