Covering the Federal Reserve and #finreg for @washingtonpost. Formerly @wsj andrew.ackerman@washpost.com DC via ATL & MCO
Joined October 2007
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President Trump provided an outline of what a deal with Iran should contain… when he withdrew from the JCPOA in 2018 israeled.org/trump-requireme…
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Consumer sentiment rose a little in June as gas prices eased early in the month. But view on the economy are still "relatively dour," according to the UMich survey of consumer expectations.
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Jun 11
Kevin Warsh sold himself to Trump as a rate-cutter. Now, one week before his first Fed meeting, inflation just hit a three-year high and some of his own committee members are openly talking about hikes.
An early test of his tenure, with inflation above target for more than five years and headed in the wrong direction.
wapo.st/4eEV7rJ
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Jun 11
The Hoover Institution folks throwing shade on Trump admin plans to reduce big bank capital cushions.
"...the Fed is considering a reduction in already low bank capital requirements, to help banks recover lost market share. At the Fed, deregulation has come to mean less capital, not fewer rules." wapo.st/4eAi7ce
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Jun 11
Not particularly reassuring:
“They don’t even need to hear from us directly to know there is a problem,” said an executive with a major oil company. “There is no shortage of people out there saying this publicly. The inventories are at historic lows.” wapo.st/4e79hkM
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Jun 10
Soaring fuel prices have pushed up the cost to transport fresh produce, which must often be shipped from farms in refrigerated trucks that tend to be less gas-efficient.
“So you’re not only paying energy to ship it, you’re paying energy to keep it cool.”
wapo.st/4oh9zdz
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Jun 10
Despite rather conspicuously declining to commit to holding eight press conferences/year, Kevin Warsh will host one next week at the conclusion of the latest FOMC meeting, his first as Fed chief
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Jun 10
Such a tough market for dc breweries. Ugh.
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Jun 10
Inflation crossed 4 percent for the first time in three years in May, exacerbating Americans’ pain at the pump and dealing a fresh political blow to the White House, as the Iran war’s toll on consumers shows no sign of abating. wapo.st/3S2PCeA
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Jun 8
1/4 The Trump administration tried to kill the CFPB. Courts stopped it. Now Russell Vought has found a different use for the bureau: going after small community lenders he calls "woke" while dropping cases against Wells Fargo, BofA and JPMorgan. wapo.st/4uk1wOI
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Jun 8
3/4 One smaller lender now under CFPB scrutiny is Self-Help Ventures Fund, a nonprofit that traces its origins to a $77 bake sale in the early 1980s. It's affiliated with the Center for Responsible Lending, a group that has opposed the administration's efforts to dismantle the bureau.
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Jun 8
4/4 The CFPB has shrunk from ~1,700 employees to just under 1,200, with court filings showing management wants to cut further to ~550. At the same time, admin is proposing to expand rule-writing staff — signaling even a smaller CFPB intends to actively engage on issues the Trump administration has prioritized.
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Jun 8
“Governing is harder than campaigning, constraints are real, and the candidates who acknowledge that up front are the ones who end up delivering more than the ones who do not.” open.substack.com/pub/capita…
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Jun 7
Trump says Fed chair should ‘do whatever he wants’ but criticizes possible hikes.
“There’s no reason to raise interest rates,” Trump said. “The country becomes great. We built the country by doing great and having rates low. What they do is when they raise interest rates, they try and kill success. I don’t want to kill success. We should actually lower interest rates.”
nbcnews.com/politics/white-h…
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Andrew Ackerman retweeted
Jun 7
If this is such an acute fear, probably should have picked someone other than Bill Pulte for DNI, because that decision made the need for warrants almost comically obvious.
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Jun 5
Average hourly earnings rose 3.4% over the past year, the Labor Dept said Friday — below April's 3.8% inflation rate and a projected 4.2% in May. Workers are losing ground.
wapo.st/4xaxqj7
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Jun 4
The state of House lawmakers’ rhetorical abilities, to the Fed’s point person on banking supervision: isn’t it true you met with bank CEOs?
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