Trump is ripped into “stubborn” Jerome Powell and seeks the Fed’s board to launch a coup and take power
President Donald Trump on Friday called on the Federal Reserve president to take power away Federal Reserve Chairman Jerome Powellcriticizes the head of the US central bank for not cutting short-term interest rates.
Posting on his true social platform, Trump called Powell “stubborn.” The Fed’s chairman has been attacked by a Republican president for months with gross verbal attacks.
FRB It is responsible for stabilizing prices and maximizing employment. Powell has held the benchmark rate for overnight loans this year, and says Fed officials need to see what impacts they need to see. Trump’s massive tariffs About inflation.
If Powell doesn’t charge “virtually” lower prices, Trump said, “The board should assume control and do what everyone has to do!”
Trump believes that interest rate cuts will lead to stronger growth for the federal government and home buyers, reducing debt service costs. The president argues that despite the Fed’s priority measures being implemented at a 2.6% annual rate of 2.6%, slightly higher than the Fed’s 2% target, there is virtually no inflation.
Trump is hoping to cut the Fed’s benchmark rate by 3 percentage points, and is hoping to dramatically beat the current average of 4.33%. The risk is that it could cause more money to the economy than large interest rates would be absorbed, and perhaps inflation could accelerate.
The Supreme Court suggested in May that Trump had determined that Powell could not be ruled out due to policy disagreements. This led the White House to investigate whether the Fed Chairman could fire for the cause due to cost overruns. $2.5 billion renovation project.
Powell’s term as a chair ends in May 2026, at which point Trump will be able to place his Senate-announced pick in his seat.