"The testimony is deceptive" Trump again pressures Powell to resign! Interest rate cut in July?
Powell: No possibility will be ruled out......
On July 2, Trump shared an article titled "Director of the Federal Housing Finance Agency: The Federal Reserve Chairman Should Accept Congressional Investigation" on social media. Trump commented that "Mr. Too Late" should resign immediately.
William Poole, the Director of the Federal Housing Finance Agency, has called for a congressional investigation into Powell's political bias and his deceptive testimony in the Senate, which is sufficient reason for his dismissal. Poole believes that Powell made inaccurate statements regarding the Federal Reserve's headquarters renovation plan without providing evidence.
During last week's Senate hearing, Powell questioned certain aspects of the reports, stating that they were "misleading and inaccurate in many ways."
Federal Reserve Chairman Powell said at a conference in Sintra, Portugal, that if it were not for U.S. President Trump's tariff policy, the Federal Reserve would have begun cutting interest rates in 2025 and would currently adopt a more accommodative monetary policy.
When asked about the possibility of an interest rate cut in July, Powell stated that he would not rule out any possibilities and would not "put it on the table directly"; it would depend on how the data evolves. Powell noted that the "vast majority" of members of the Federal Reserve's rate-setting committee indeed expect that another rate cut later this year would be appropriate. Powell also stated that the Federal Reserve must "be completely uninvolved in politics."
Trump posted on social media that "Mr. Too Late," Federal Reserve Chairman Powell, and the entire committee should be ashamed for not cutting interest rates. Trump stated that if they did their jobs well, "the U.S. could save hundreds of billions in interest costs" but "the committee just stood by, so they cannot escape blame."
White House Press Secretary Levitt stated that Trump mentioned interest rates from several countries around the world in a letter to Powell and told Powell that he should significantly lower interest rates.
Trump had previously frequently criticized Powell on social media for not cutting interest rates as he requested and even threatened to remove him from his position.
On June 18, local time, the Federal Reserve's monetary policy meeting decided for the fourth consecutive time to maintain interest rates unchanged.
