Stocks jump after Trump says he won’t fire Powell from Fed
EJ Antoni, a senior fellow at Unleash Prosperity, discusses trade negotiations with China over President Donald Trump’s “Varney & Co.”
president Donald Trump, A few days later, after Federal Reserve Chairman Jerome Powell trolled after missing a window to cut interest rates, he made clear about the US Central Bank’s plans on Tuesday.
“I’m not going to fire him,” he told White House reporters.
His statement is US Stock Market – Seeing a sudden downswing on Powell’s potential removal – Wednesday’s boost. Experts say it may not be possible for Trump to fire the Fed’s chair.
“Powell is doing a terrible job, but it’s another element of uncertainty the market doesn’t need right now to talk about all this about Powell’s firing and replacement,” said Ej Antoni, a senior fellow at Unleash Prosperity, when he appeared on “Varney & Co.” on wednesday. Antoni pointed out that inflation exceeded 9% in July 2022 Powell’s watch.
Former Trump advisor warns Fed Chair Powell is burning to cause market disruption
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| I:comp | Nasdaq Composite Index | 16800.301838 | +499.88 |
+3.07% |
| SP500 | S&P 500 | 5394.1 | +106.34 |
+2.01% |
| I: DJI | Dow Jones average | 39721.54 | +534.56 |
+1.36% |
Treasury Secretary Scott Bescent and Commerce Secretary Howard Lutnick have convinced Trump to stop because laying off Powell won’t make a difference as interest rates remain at current levels and every move already holds the financial markets surrounding tariffs. According to the Wall Street Journal,
This year, Nasdaq Composite lost 13%, S&P 500 over 8%, and Dow Jones Industry Average lost nearly 7%. The US market has returned from sudden losses earlier this month.
Still, Trump maintained the heat Fed head, He was called “Mr. To Late” because he didn’t cut interest rates.
“I don’t think he’s doing a good job, he’s too late, it’s always too late. A little too late. I’m not happy with him. I let him know that. If he wanted him, he’d believe in me really fast,” Trump said last week.
Trump accuss Jerome Powell of “Mr.”. Too late, “Calling the Fed Chairman as the “major loser”
President Trump could cut interest rates on Federal Reserve Chairman Jerome Powell or he could quit his job.
On Tuesday, he called on the US Central Bank to cut interest rates.
“I hope he’s a little more aggressive in terms of his idea of lowering interest rates. This is the best time to lower interest rates. Otherwise, is it the end? No, not that, but that’s a good time,” Trump said.
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According to the CME, the rates are not expected to change at the May 7 meeting. FedWatch A tool that measures the probability of rate movement.