Donald Trump’s aggressive campaign for lower interest rates in order to reduce the cost of US debt is the rhetoric of a “banana republic”, said former Federal Reserve chair Janet Yellen.
Speaking at HSBC’s Global Investment Summit in Hong Kong, Yellen sounded the alarm on monetary policy independence, saying that she has “never seen a threat of this level to the Fed before”.
“How often does the president of a developed country express the view that the interest rate should be set to reduce the debt service cost?” she said. “This is what you hear in a banana republic.”
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