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Navarro predicts Fed chair would be ‘gone in a hundred days’ in new Trump administration

Imprisoned former White House economic adviser Peter Navarro predicted that Federal Reserve Chairman Jerome Powell would benefit from a second Trump administration.

“My guess is that this methodical non-economist will be gone in 100 days anyway,” Navarro said in an interview with Semaphore. published Tuesday.

Navarro has confirmed the names of Kevin Hassett and Tyler Goodspeed, former chairs of the Council of Economic Advisers under former President Donald Trump, as potential successors.

Semafor’s interview was conducted from federal prison, where Navarro is serving a four-month sentence for failing to comply with a congressional subpoena issued by the House committee investigating the Jan. 6 attack on the Capitol. It was conducted.

Semaphore said Navarro, who served as director of President Trump’s Office of Trade and Manufacturing Policy, wrote down answers to interview questions in an email from the prison’s law library.

He criticized Powell’s approach to combating inflation.

“Powell was Mnuchin’s fool,” Navarro said, referring to Trump’s former Treasury Secretary Steven Mnuchin. “Powell raised rates too quickly under the Trump administration, hurting growth. Then, to save jobs, Powell raised rates too slowly to curb inflation under the Biden administration.”

Trump, the presumptive Republican presidential nominee, previously said he would not reappoint Powell to lead the Fed.

“I’m not going to re-elect him. I thought he was always late, for better or worse, and he was always late,” Trump told Fox Business Network, where he served as Trump’s top economic official. said in an August 2023 interview with Larry Kudlow.

Trump, who first nominated Powell to lead the central bank in 2018, grew dissatisfied with him toward the end of his first term as he and the Federal Reserve pushed to raise interest rates. .

President Biden nominated Powell for a second four-year term in November 2021, and he was confirmed by the Senate in May 2022 by a vote of 80-19. His current term expires in 2026.

“I was surprised that he was re-elected. He was probably re-elected because they knew I didn’t really like him,” Trump said in a Fox Business interview last August. Ta. “I’m not a Jay Powell fan.”

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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