Shark Tank investor Kevin O’Leary warned President Trump against setting interest rates after he threatened to replace the Federal Reserve chair for refusing to lower rates. O’Leary argued that the US doesn’t have hyperinflation like Venezuela because the Fed has a monetary policy, which prevents bread costing $1,000 more daily. Trump attempted to fire Federal Reserve board member Lisa Cook for alleged mortgage fraud, which Democrats argued was launched to interfere with the independent agency’s nonpartisanship. Stephen Miran, the current White House economic policy chief, was appointed by Trump to temporarily join the Fed board after another member stepped down. White House trade adviser Peter Navarro said shifts in the board’s makeup amid calls for Fed Chair Jerome Powell’s resignation are beginning to weigh on the economic chief. O’Leary has been relatively supportive of the president’s unprecedented trade policy, citing significant revenue gains for the country. However, he urged Trump to use extra funds to pay down the national debt instead of providing citizens with retail checks. Treasury Secretary Scott Bessent said the administration was looking to pay off outstanding debts as proposed earlier this month.
O’Leary warns of hyperinflation if Trump sets interest rates. ThuyTruongSpa 599
