President Donald Trump took it shot At the Federal Reserve Chair after his comments appeared to lead to a decline in the stock market.
Trump denounced Jerome Powell for announcing Wednesday that the Fed would not cut interest rates due to signs of economic instability. The president then suggested that Powell should be fired from his position.
“Fed Independence is very widely understood and supported by Washington’s Congress.
Trump noted that the European Central Bank has cut interest rates and has been tagged Powell with a new nickname.
“The ECB is expected to cut interest rates for the seventh time, but it is still too late and wrong Fed Jerome Powell is expected to be “too late”, but yesterday another typical, total “confusion!” oil price has fallen, food (and eggs too!) is falling, and the US should be rich in tariffs. I wrote it A true society.
“Powell’s ending can’t come quickly enough!” he added.
Powell was nominated for the position by Trump in 2017 for his first term in office and was newly called by former President Joe Biden in 2021.
The stock market still took Another dip In Wednesday’s value after Powell’s comments, he also defended the independent nature of the Federal Reserve.
“Generally speaking, the Fed’s independence is very widely understood and supported by Washington’s Congress. I said Powell from Chicago’s economic club.
“The point is to achieve the dual-mandate goals as much as possible to make decisions and to best serve the people of America, based on our best thinking, based on our best thinking, based on our best analysis.
“We will never be influenced by political pressure,” Powell said. “People can say anything they want. That’s fine. That’s not a problem, but they do strictly without taking into account political or other unrelated factors.”
Powell said tariffs that exceeded expectations from the Trump administration are likely to lead to higher inflation and unemployment, which is why they recommend leaving the rate as they did to see the impact of the policy.
Trump previously criticized Powell and threatened to fire him, but when asked by reporters in November, Powell said it was not within the president’s power to fire him from that position.
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