Federal Reserve System

Mnuchin: Trump liked Fed Chair Powell's dovish interest rates speech

Trump looking at Jerome Powell
President Trump and Fed Chair Jerome Powell. Photo: Drew Angerer/Getty Images

Treasury Secretary Steve Mnuchin said on CNBC's "Squawk Box" Monday that President Trump liked Federal Reserve Chairman Jay Powell's speech last week, in which Powell struck a less aggressive tone and said interest rates are "just below" the level that would neither promote nor restrict economic growth.

Between the lines: Trump has publicly and repeatedly expressed disappointment in Powell, even calling the Fed's interest rate hikes a "much bigger problem than China" in an interview with the Washington Post last week. Trump’s approval of Powell’s speech — which was widely interpreted to be less hawkish — makes it clear that Powell has to do one thing to get back in Trump’s good graces: stop raising interest rates. As a politically independent institution, however, none of this should matter much to the Fed.

Fed report says Great Recession made millennials poorer than older generations

People shopping
People shopping. Photo: Emanuele Cremaschi/Getty Images

A study conducted by the Federal Reserve published this month finds that millennials have "paid the price for coming of age" in the midst of the Great Recession and are less financially stable than previous generations, NPR reports.

Why it matters: The study explains that millennials tend to have less assets and wealth than previous generations, stemming from the side effects of the Great Recession in the late 2000s and early 2010s. Because of the financial obstacles millennials have had to deal with because of the recession, NPR notes, their willingness to spend has lessened while their attitudes toward saving money has become more favorable.

Go deeper: Being 30 then vs. being 30 now

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