based on materials from the website - By Bitcoin Sistemi EN
The possibility of U.S. President Donald Trump firing Federal Reserve Chair Jerome Powell is being raised again.
National Economic Council Director Kevin Hassett stated today that Trump could fire Powell due to overspending on the Federal Reserve headquarters renovation project.
It is well known that the Trump administration has long pressured Powell to lower interest rates. This pressure fueled concerns about the independence of the Federal Reserve, and the very possibility of Powell's firing previously significantly shook the markets. Moreover, earlier this year, even such a rumor triggered an increase in interest rates and a market sell-off.
Although Trump stated last Friday that he would not fire Powell, Hassett's statements indicate that such a possibility may arise again.
The White House intensified pressure, citing a budget overspend of $700 million on the Federal Reserve headquarters renovation project in Washington. On July 10, Budget and Management Office Director Russ Vought sent Powell a letter questioning the project and demanding clarification regarding its legality.
In the letter, Vought gave Powell seven working days to respond. This deadline falls at the end of this week and may give Trump the opportunity to take action before the next Federal Reserve meeting, which will begin on July 29.
In an interview with ABC, Hassett stated: "Whether the president goes this route depends on the Federal Reserve's response." When asked if Trump could fire Powell, Hassett replied: "This question is being considered, but if there is justification, then yes, he can."
Jerome Powell's term expires in May. Meanwhile, there are increasing speculations that Hassett may become Powell's successor. Economic circles consider Hassett, one of the most influential figures in the White House, a strong candidate.
#MarketRebound , #Сryptomarketnews
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