The Fed made the announcement for the Thursday meet in a quick statement. According to the central bank, the two men discussed “economic developments, including those relating to rise, work, and prices.”
The declaration continued,” Chair Powell did not discuss his anticipations for economic policy, except to point out that the direction of policy will entirely depend on incoming financial info and what that means for the outlook.”
Although Trump has received criticism for putting his willingness to question the Fed’s independence, it has usually been separate and insulated from political politics. Yet though his decision to fire Powell is up for debate, he has also made up his mind.
Some members of the Trump presidency have recently pushed Powell to lower interest rates to relieve credit problems and boost economic growth. At its most recent meetings, the Fed has kept rates steady as it has assessed the impact of Trump’s tariffs on the market and the prices setting.
Powell spoke about the monetary policy committee’s role and its non-political democracy at the Thursday meet.
Lastly, Chair Powell stated in the statement that he and his colleagues on the [ Federal Open Market Committee ] will set monetary policy to support maximum employment and steady prices and that they will make those decisions based only on a cautious, objective, and non-political analysis.
After the Fed opted to hold interest rates steady, Trump called” Too late” Powell a” FOOL, who doesn’t have a clue,” in a post on social media earlier this month.
” Other than that, I like him very little!” Nearly no inflation, low oil and energy costs ( groceries and “eggs” ), and the U.S. has the exact opposite opportunity of” too late!”. ENJOY”! Trump asserted.
The Federal Housing Finance Agency’s producer, Bill Pulte, has also urged the Fed to begin cutting interest rates. Housing value may increase if mortgage rates were also lowered as a result of a rate cut.
On X, Pulte said,” Jay Powell needs to lower involvement rates- enough is enough. There is no purpose not to lower levels, according to President Trump, who has “celebrated Biden’s prices.” If Chairman Powell does this, the cover market would be in much better condition.
Powell was well-known for supporting the Fed’s freedom during Trump’s first word, which helped him win some Democrats ‘ support. Trump criticized the Fed for raising interest rates too fast during his first term and hit the central bank with his criticism.
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Trump infamously stated in a letter in 2019 that his “only issue is, who is our biggest enemy,” Powell or Chinese President Xi Jinping.
Powell has constantly stated that he doesn’t think Trump has the authority to fire him.
