US President Donald Trump and his administration did” continue to study”, whether it’s possible to reduce Federal Reserve key Jerome Powell, his leading White House assistant said on Friday.
” The senator and his team will continue to study that problem”, National Economic Council director Kevin Hassett told reporters, when questioned about the possibility of Powell’s cancellation, following Trump’s subsequent criticism.
Although the US senator lacks strong authority to remove Federal Reserve rulers, there exists a complicated process through which Trump may attempt to remove Powell by demonstrating sufficient reason.
Trump has repeatedly expressed dissatisfaction with Powell, his personal candidate, suggesting that the Fed president’s decisions are politically motivated.
During a Wednesday meeting, Powell indicated that Trump’s complete tariff policies may prospect” a temporary rise in inflation”, and reduced economic growth, possible forcing the Federal Reserve to make difficult choices between managing inflation and unemployment.
” You’ll probably see continued volatility”, Powell added.
The Republican president expressed his stance firmly on Thursday, declaring:” I’m not happy with him. I let him know it and if I want him out, he’ll be out of there real fast, believe me”.
Taking to his Truth Social account Trump posted,” The ECB is expected to cut interest rates for the 7th time, and yet”, Too Late” Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete” mess! ” Oil prices are down, groceries ( even eggs! ) are down, and the USA is getting RICH ON TARIFFS”.
” Powell’s termination cannot come fast enough”, he continued. ” Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now”, he added.
