Trump continues pushing for Fed chair Powell's resignation

The Star

US President Donald Trump on July 13 said it would be a great thing if Federal Reserve chairman Jerome Powell stepped down.  The Fed last cut interest rates in December last year and since then has left them in the range of 4.25% to 4.50% as officials wait to see if inflation strengthens in the wake of Trump's global wave of tariffs.   The Fed is broadly expected to resume cuts in September, but Trump has said the Fed's policy rate should be lowered sharply now.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00We had a great time at the big soccer match today at the Meadowlands.

00:08It was phenomenal.

00:10Peace is a very sophisticated military, and they're going to pay us 100 percent for them.

00:16And that's the way we want it.

00:18And we've been trying to get that again.

00:20I don't think Biden ever asked for it.

00:22We're in for about 350 billion.

00:25Europe is in for 100 billion.

00:27That's a lot of money, 100.

00:29Well, I think if Jerome Powell stepped down, it would be a great thing.

00:33I don't know that he's going to, but he should.

00:36Jerome Powell has been very bad for our country.

00:39We should have the lowest interest rate on Earth, and we don't.

00:43He just refuses to do it, and yet he's spending $2.5 billion rebuilding the Fed, the Federal Reserve building.

00:52And I don't know what he knows about building, but you talk about cost overrun.

00:57So he got this approved, and he started the work during the Biden administration.

01:02And he doesn't look like the kind of a guy, frankly, that wants to spend $2.5 billion.

01:06And it's very interesting because out of 71 economists, one person, me, and then one other person, I think from Wharton, got it right.

01:18And the others were all wrong in terms of the success of our country this quickly.

01:23We have no inflation.

01:24We have cash pouring in.

01:26It was me and somebody else.

01:28And I can tell you, I don't need 5,000 people working for me behind the scenes like Jerome Powell to tell him what he should say once a month.

01:37Because they got it wrong.

01:38The Fed got it wrong.

01:39I call him too late.

01:40I call him too late.

01:41He's always too late.

01:42Every point costs us $360 billion.

01:46Think of that.

01:47And we should be three points.

01:49That's almost a trillion dollars.

01:50Approximately a trillion dollars less we should be just with the signing of a piece of paper.

01:56So we'll see what happens.

01:58I mean, you're telling me he's going to quit.

02:00I hope he quits.

02:01I don't know that he's going to quit.

02:02But he should quit.

02:03Because he's been very bad for the country.

02:09Thank you, everybody.

Category

Transcript

Recommended