Report: Trump 'Has Discussed Firing' Fed Chair Jerome Powell Amid Stock Market Decline
- 5 years ago
President Trump "has discussed firing" Federal Reserve Chairman Jerome Powell, reports Bloomberg.
Bloomberg reports, citing sources, that President Trump "has discussed firing" Federal Reserve Chairman Jerome Powell amid a steep stock-market decline and rising interest rates.
The outlet notes that Trump has "talked privately about firing Powell many times in the past few days," but his "advisers have warned him that firing Powell would be a disastrous move."
"Any attempt by Trump to push out Powell would have potentially devastating ripple effects across financial markets, undermining investors' confidence in the central bank's ability to shepherd the economy without political interference," Bloomberg adds.
Politico notes that Trump has "continually pestered the Fed to hold off on [interest] rate hikes, breaking from past presidents who sought to maintain the Fed's independence."
"It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!" Trump tweeted on Monday.
At a press briefing on Tuesday, White House press secretary Sarah Huckabee Sanders defended Trump's public criticism of the Fed.
"The president is stating his opinion, which he is perfectly within his right to do so," Sanders told reporters. "I think that is one of the reasons people like him, is because he does that, and he does it regularly. He's been very clear about what his position is, while at the same time, he understands that the Fed is an independent agency. That doesn't take away the President's right to state his opinion on a particular matter."
Bloomberg reports, citing sources, that President Trump "has discussed firing" Federal Reserve Chairman Jerome Powell amid a steep stock-market decline and rising interest rates.
The outlet notes that Trump has "talked privately about firing Powell many times in the past few days," but his "advisers have warned him that firing Powell would be a disastrous move."
"Any attempt by Trump to push out Powell would have potentially devastating ripple effects across financial markets, undermining investors' confidence in the central bank's ability to shepherd the economy without political interference," Bloomberg adds.
Politico notes that Trump has "continually pestered the Fed to hold off on [interest] rate hikes, breaking from past presidents who sought to maintain the Fed's independence."
"It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!" Trump tweeted on Monday.
At a press briefing on Tuesday, White House press secretary Sarah Huckabee Sanders defended Trump's public criticism of the Fed.
"The president is stating his opinion, which he is perfectly within his right to do so," Sanders told reporters. "I think that is one of the reasons people like him, is because he does that, and he does it regularly. He's been very clear about what his position is, while at the same time, he understands that the Fed is an independent agency. That doesn't take away the President's right to state his opinion on a particular matter."