The libertarian describes the central bank interest rate cuts and President Trump's China tariffs as interventionist moves 'far removed from capitalism.'
"In no sense is this QE," Powell said in a Q&A session after his speech. QE refers to quantitative easing, a bond-buying measure it launched following the 2008 financial crisis. The Fed embarked on several QE programs during and after the crisis.
"Then we get into manipulating trade," Paul said, referring to the import tariffs Trump imposed on China that started the 15-month-long trade war between the two nations. To find balance in the markets, Paul said the U.S. needs to cut spending, get rid of the federal deficit and stop the Fed from "pretending they can do economic planning."
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