Trump really cares about stock prices
Approval ratings might not matter to President Trump but the stock market does.
Trump constantly tweets about record highs in the Dow but it's not just political spin, he really cares about equity prices.
Or at least that's what we've learned from reports about how he decided on a new Fed chair.
Trump was inclined to pick Yellen because he sees her as responsible for the stock market and equities. Bloomberg spoke to a half-dozen officials who were inside the process and the takeaway is that Yellen was Trump's choice but he was convinced (primarily by Mnuchin) that Powell was similar to Yellen but would deliver the 'change' his base wanted.
For me, the takeaway is that the President deeply cares about equity prices. That's a pretty powerful reason to buy.
Bloomberg has more.
