President Trump Asked Point Blank: Will You Try To Fire Jerome Powell If He Doesn't Cut Rates?

Forbes Breaking News

In his Oval Office meeting with Italian Prime Minister Giorgia Meloni, President Trump was asked if he would try to fire Federal Reserve Chair Jerome Powell.

Transcript

00:00Can you clarify on rate cuts, do you intend to see Powell's firing if he doesn't change his stance on rate cuts?

00:09Or is that on the table?

00:11Well, I think he should do the rate cuts because I think if Europe has done it, it puts us at a disadvantage to Europe.

00:18I mean, he plays right into their hands.

00:21So I think he should do the rate cuts.

00:23We don't have really inflation now.

00:24I just said that major things are going down.

00:28Oil is great.

00:30Oil is way ahead of schedule.

00:32And that's because of our policies.

00:34But oil is down into the $60, $65 range now per barrel.

00:40And I told you, in certain states, we have less than $2 for gasoline.

00:46And food is down.

00:49Groceries, as we call it, are down.

00:52Other than interest rates, everything's down.

00:55Interest rates are pretty flat.

00:56It's not that they're up.

00:58But we should be better than flat.

01:00If he would lower the interest rate, I think it would have a good impact on that, too.

01:04But the costs are down.

01:06We have very little inflation.

01:08I would say we have essentially no inflation.

01:10It's hard to have inflation when oil goes down.

01:12And oil goes down.

01:13When Biden came in, oil went through the roof.

01:17That's what caused our problem.

01:18That and his very dumb spending.

01:22But when the oil prices go down, and they have gone down a lot, we've gotten it down really good.

01:27But we've opened it up, and we've gotten them down.

01:30And that means that people driving cars are going to be paying $2 and $2.50 instead of $4.50.

01:38And, you know, even at the end, they tried just for the purpose of the election to get it down.

01:43But they had really lost that sucker.

01:46That was really, it was not good.

01:49But if they had won, oil right now would be at $7 or $8 because of their policy.

01:56And we're going to be at about $2.

01:58Could be even a little bit less than that.

02:00And you're starting to see it.

02:02So I don't know how you can have inflation when oil has come down quite a bit.

02:06And I would say the Fed really owes it to the American people to get interest rates down.

02:14That's the only thing he's good for.

02:16And he would have an effect on that if he lowered them.

02:19And I think at some point he will.

02:22He's going to have a lot of political pressure.

02:24You know, they are political also.

02:27And I think there's a lot of political pressure for him to lower interest rates.

02:30Okay.

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