Trump on Fed chief: Not going to fire him
Anna Sjögren
Published 11.33
Last week, Trump called the head of the US Federal Reserve a "major loser".
Rumors have circulated that he has considered firing Jerome Powell - something the president is now dismissing.
- But I would like to see him be a little more active, he tells reporters.
Quick version
Trump has been critical of the US Federal Reserve and its head for not having made any interest rate cuts so far this year.
When Powell said at an event that Trump's tariffs were unprecedented in modern history, the president has launched a fierce attack on him on social media.
- With all the prices trending down so nicely, just as I predicted they would, there can hardly be any inflation, but there could be a slowdown in the economy unless Mr. Too Late (Mr. Too Late, editor's note) cuts interest rates, NOW, he wrote in a post on Truth Social.
Speculation that Trump intended to fire Powell gained momentum after a statement from Kevin Hassett, his economic adviser. He said that Trump was exploring the possibility of firing the Federal Reserve Governor.
“A perfect time to cut”
But he doesn’t intend to do that, AP reports.
– No, I have no intention of firing him. I would like to see him be a little more active when it comes to his opinion on cutting interest rates. This is a perfect time to cut interest rates, he tells reporters.
He continues:
– If he doesn’t do it, is that the end? No, it’s not.
He would not answer the question of whether he has spoken to Powell.
– I have no comment on that, it doesn’t matter.
Trump appointed Jerome Powell as head of the US Federal Reserve in 2017, during his first term as president. In 2021, Biden extended his appointment for another four years.
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