After appointing Federal Reserve Chairman Powell, President Trump put pressure on the Fed to cut interest rates. We show that, on average, a statement from Trump on the Fed led to lower long‐term interest rates, consistent with expectations of lower expected future short rates. However, the impact of Trump's statements declined over time. (JEL E52, E43, E32)

中文翻译：

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王牌，推特和悲剧

在任命美联储主席鲍威尔之后，特朗普总统向美联储施加了降息的压力。我们表明，平均而言，特朗普在美联储发表的声明导致长期利率降低，这与预期的未来短期利率较低的预期一致。但是，特朗普声明的影响随着时间的推移而下降。（JEL E52，E43，E32）