Larry Kudlow: Jerome Powell is a 'meathead' but not a criminal

Powell's Tenure as Fed Chair

• 💡 Jerome Powell is described as a terrible Fed chair who consistently missed inflation targets, leading to the worst price hikes in 40 years.
• 🎯 He is characterized as the most political Fed chair in memory, accused of raising rates to stop Trump's tax cuts and lowering them to help Kamala Harris and the Democrats.
• ⚠️ Powell is also criticized for ignoring alleged insider trading and mortgage fraud among Fed cronies.
• 🚀 He is accused of joining the "socialist bandwagon" of climate change, woke policies, and DEI, including not providing loans to fossil fuel companies.

Trump's Stance on Powell and the Fed

• 🗣️ Donald Trump stated that Powell is "not very good at the Fed" and "not very good at building buildings."
• 💰 Trump believes the only pressure Powell should face is that interest rates are too high.
• 🏛️ Trump previously visited Powell and the Fed to criticize cost overruns on renovated buildings, estimated to be $700 billion over budget, but did not raise criminal indictments at the time.

Political and Market Reactions

• 📌 Republican senators, like Tom Tillis, are reportedly unwilling to confirm a new Fed chair until subpoenas are quashed, though this is deemed an "exercise of futility."
• 📉 The idea of ending Fed independence is considered "overbaked," with no significant negative market reaction observed.
• 📈 The 10-year Treasury auction was successful, and the S&P and Dow hit all-time highs, indicating market indifference to the Powell story.

US Economic Strength

• 🌟 The US economy is highlighted as the hottest in the world, with growth potentially hitting 6-7% next year due to Trump's tax cuts, deregulation, and new economic incentives.
• 📈 Trillions of dollars are reportedly flowing in from around the world, coupled with strong productivity growth.
• 📊 Over 2.4 million household jobs were created last year, and take-home pay has risen after adjusting for inflation.
• 💰 Record corporate profits and negative CPI prints from a positive oil shock contribute to the positive economic outlook.