#PowellRemarks #TRUMP

Background:

Jerome "Jay" Powell was appointed as Chair of the Federal Reserve by President Donald Trump in February 2018.

Powell is a Republican and was originally nominated to the Fed Board of Governors by President Barack Obama in 2012.

Trump's Comments on Powell:

Initially, Trump praised Powell during the nomination process.

However, Trump became increasingly critical of Powell's actions, particularly regarding interest rate decisions.

Key Complaints by Trump:
Interest Rates Too High:

Trump repeatedly criticized Powell and the Fed for raising interest rates in 2018 and 2019, claiming it was hurting the U.S. economy and stock market.

“No guts, no sense, no vision”:
In August 2019, Trump tweeted this insult after Powell did not deliver a rate cut Trump wanted.

Threatened to Fire Powell:

Trump reportedly explored whether he could fire or demote Powell, though legally, the Fed Chair can only be removed "for cause".

Blamed Powell for Economic Weakness:

Trump blamed Powell for slowdowns or market drops, even as the U.S. economy was relatively strong.

In one tweet, Trump asked who was the "bigger enemy" — Powell or Chinese President — during U.S.-China trade tensions.

Despite Criticism:

Trump did not remove Powell from office.

Powell served out his four-year term, and President Joe Biden reappointed him for a second term in 2021.

Conclusion:

Trump’s relationship with Powell was marked by growing frustration, mainly due to disagreements over monetary policy. Trump wanted lower interest rates to fuel economic growth, especially in the lead-up to the 2020 election, while Powell emphasized the Fed's independence and long-term economic stability.