The price of bitcoin has risen to $94,000 after President Donald Trump dismissed rumors of firing The Fed Chairman Jerome Powell and expressed his desire for interest rates to be lowered soon.
"Never," Trump said to reporters on Tuesday (April 23). "The media is exaggerating. No, I do not intend to fire him. But I want to see him more active in lowering interest rates," he added.
This statement came after the Director of the White House National Economic Council Kevin Hassett mentioned that Donald Trump was considering whether he had the authority to fire Powell.
The speculation was triggered by a series of social media posts and Trump's public criticisms of The Fed's policies.
Trump reiterated his criticism, particularly after the European Central Bank (ECB) cut its benchmark interest rate to 2.25% last week.
Trump believes The Fed should be able to act faster and not lag behind.
"We think this is the right time to lower interest rates, and we want to see Powell act quickly, not late," he said.
Source: Bloomberg
