President Donald Trump has no plans to fire Federal Reserve Chairman Jerome Powell, whom he called a “major loser” in a Truth Social post on Monday.
When asked by a reporter in the Oval Office on Tuesday if he planned to fire Powell, Trump said he did not.
“No. None whatsoever. Never did. The press runs away with things,” Trump said. “No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates. This is a perfect time to lower interest rates.”
“If he doesn’t, is it the end? No, it’s not, but it would be good timing. It… could have taken place earlier, but no, I have no intention to fire him,” he added.
Trump also said that it would be better for Powell to be early on rate cuts than late. The president has repeatedly prodded Powell to lower interest rates, including in his Truth Social post on Monday:
“Preemptive Cuts” in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other “things” trending down, there is virtually No Inflation. With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already “lowered” seven times. Powell has always been “To Late,” except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?
Last week, Powell raised the prospect of rate hikes down the line. Earlier this month, he predicted that Trump’s tariff policies would lead to inflation.
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