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Trump wants Fed to weaken dollar but Powell says that's not his job
By Saleha Mohsin and Katherine Greifeld
Bloomberg News
Friday, June 28, 2019
President Donald Trump wants a weaker dollar to help boost exports, and is counting on the Federal Reserve to help make that happen. But the central bank's chairman, Jerome Powell, has made clear it's not his job.
It's a new twist in the broader pressure campaign the president has brought to bear on Powell to cut interest rates to energize the stock market and fuel growth.
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Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor
Company Announcement
Thursday, June 13, 2019
Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.
Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...
... For the remainder of the announcement:
https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...
Trump's focus on the dollar surfaced last week after the European Central Bank said it might ease policy, prompting the euro to drop against the dollar. Trump seized on the move to say on June 18 that the Fed's failure to lower rates was putting U.S. exporters at a competitive disadvantage. He later mused on June 26 he'd rather have ECB President Mario Draghi running the Fed.
Powell, once again, is finding himself on the defensive, trying to shield the Fed from political influence. He deflected Trump's calls back at the administration.
"The Treasury Department -- the administration -- is responsible for exchange rate policy -- full stop," Powell said June 25 in response to a question from the audience after a speech in New York. "We don't comment on the level of the dollar. We certainly don't target the level of the dollar. We target domestic economic and financial conditions as other central banks do." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-06-28/trump-wants-fed-to-we...
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