President Donald Trump is set to reveal his pick for the chair of the Federal Reserve next week.
During Thursday’s Cabinet meeting, President Trump mentioned plans to announce the replacement for Powell.
“Sometime next week, Mr. Scott and Mr. Howard and everyone, we’re going to announce the Fed president, and I’m sure whoever that will be will do a good job,” he stated.
The president expressed concern about the current interest rates, saying they are “too high” and “unacceptably high.”
Earlier that day, Trump criticized Powell on Truth Social for the Fed not lowering interest rates.
Jerome ‘Too Late’ Powell has again refused to cut interest rates, even though there seems to be no reason to keep them this high. He is harming our country and national security. Since he acknowledges that inflation isn’t a problem anymore, interest rates should be significantly lowered. He’s costing the U.S. hundreds of billions in needless interest. Because of tariffs, we should be paying the lowest interest rates globally. Most countries have low-interest ATMs that are deemed top-notch, but that’s possible because of the U.S. Tariffs bring in billions, allowing us a significant trade surplus with our once abused nation. In a sense, I’ve been very kind and gentle to other countries. With one stroke of a pen, more billions could come into America while those countries would need to return to traditional methods to make money, instead of relying on U.S. aid. Many don’t grasp what our incredible country has done for them, but I hope they appreciate it. The Fed needs to lower interest rates now! Tariffs have indeed made America stronger than any other nation. To reflect this strength, our interest rates should be the lowest worldwide. Thank you for your attention to this matter. President Donald J. Trump
Jerome Powell has been serving as the Fed chair since February 2018.
