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Donald Trump dismisses rumors about firing Jerome Powell from the Federal Reserve
In an interview on NBC, President-elect Donald Trump affirmed that he has no intention of replacing Federal Reserve Chairman Jerome Powell, despite previous disagreements over interest rate policy. Trump believes that replacing Powell is unnecessary, even though he has previously criticized the Fed and Powell, especially when the Fed raised interest rates and even attempted to find ways to fire him but was unsuccessful. Nonetheless, Fed Chairman Jerome Powell stated that he would not resign if President Trump requested it, emphasizing that the president does not have the authority to force him to leave before his term ends. Powell also asserted that the Fed will maintain its independence from political pressure. However, earlier, there were rumors that Trump wanted to fire Powell due to dissatisfaction with interest rate hikes and declining securities, but advisors warned him about the serious consequences of this for the financial markets.
In an interview on NBC, President-elect Donald Trump affirmed that he has no intention of replacing Federal Reserve Chairman Jerome Powell, despite previous disagreements over interest rate policy. Trump believes that replacing Powell is unnecessary, even though he has previously criticized the Fed and Powell, especially when the Fed raised interest rates and even attempted to find ways to fire him but was unsuccessful. Nonetheless, Fed Chairman Jerome Powell stated that he would not resign if President Trump requested it, emphasizing that the president does not have the authority to force him to leave before his term ends. Powell also asserted that the Fed will maintain its independence from political pressure. However, earlier, there were rumors that Trump wanted to fire Powell due to dissatisfaction with interest rate hikes and declining securities, but advisors warned him about the serious consequences of this for the financial markets.
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