US: Fed trying to figure out what Trump’s victory in 2016 US economy meant

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The election of Donald Trump as President of the USA has troubled the executives of the Federal Bank who were trying to determine what this development would mean for the American economy, the world and the position of the Fed itself, show their recorded minutes of the meetings. 2016.

At the meeting a month after the November 8, 2016 presidential election, jokes were heard about the unexpected result, but also warnings about the problems that the US economy might face and the challenges that the new president might pose for the independence of the central bank.

“According to some interpretations of Revelation, when three unusual events occur together, perhaps this is a sign that the second coming is approaching. “Let’s see how it goes,” joked St. Louis Central Bank chief James Ballard in his New Testament book. The three unexpected events that year were Trump’s election victory, the Chicago Camps winning the baseball championship after more than a century, and the awarding of the Nobel Prize in Literature to Bob Dylan.

“Do the recent elections introduce a regime change in terms of growth prospects for the US economy? “In short, the answer is ‘maybe’ and we see it as a potential risk,” he added, according to minutes released today by the Fed.

Fed staff immediately sought to speculate on what the Republican businessman would do with the tax cuts, spending, tariffs on trading partners or new immigration rules.

The reaction of the market – the jump in stock prices – surprised some. But others said the businessmen they were dealing with “used words like ‘excitement’ and ‘euphoria’ because they expected a looser regulatory framework and lower taxes,” said Jeffrey Lacker, Richmond’s central bank chairman at the time. .

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