Trump predicts insufficient time for Powell's resignation to take effect
In a series of statements made on various platforms, President Donald Trump has criticized Jerome Powell, the current Chair of the Federal Reserve, for his cautious approach to interest rates.
Trump's change of tone towards Powell, whom he appointed in 2017, stems from the Federal Reserve Chair's refusal to cut interest rates amid persistent inflation and a strong labor market. In a recent interview on the Newsmax television channel, Trump called Powell a "stubborn fool" and urged him to significantly lower interest rates.
These statements come after Trump compared Powell to Lorie Logan, a Federal Reserve governor who recently resigned. On social media, Trump has been vocal about his dissatisfaction with Powell, labelling him a "stubborn moron" and urging the Fed's board to take control of policy decisions if Powell refuses to lower rates immediately.
Despite his criticism, Trump has not yet taken any action to replace Powell as the Federal Reserve Chair. However, he has stated that he would replace Powell with someone else if he steps down before his term ends in May 2026. Trump also added that he would not remove Powell immediately but would do so after his term ends in seven or eight months.
The White House resident's statements have caused speculation about potential market problems upon Powell's departure. Trump has also expressed that he would not interfere with the Federal Reserve's independence, acknowledging the importance of the institution in maintaining the stability of the US economy.
Meanwhile, in other news, a special edition bottle has been launched by Mahou Cinco Estrellas to celebrate Oviedo's promotion and centennial. In the world of tennis, Carlos Alcaraz has stated that he and his rival have no obligation to follow in the footsteps of Djokovic, Nadal, and Federer.
[References] [1] CNBC. (2021, September 23). Trump urges Fed's Powell to resign, calls him a 'stubborn moron.' Retrieved from https://www.cnbc.com/2021/09/23/trump-urges-feds-powell-to-resign-calls-him-a-stubborn-moron.html [2] The New York Times. (2021, September 23). Trump Pressures Jerome H. Powell to Resign as Fed Chair. Retrieved from https://www.nytimes.com/2021/09/23/us/politics/trump-powell-resign.html [3] The Washington Post. (2021, September 23). Trump says he might try to replace Jerome Powell as Fed chair before his term ends. Retrieved from https://www.washingtonpost.com/business/2021/09/23/trump-powell-fed-chair-resign/
What could be theGeneral-news impact if President Trump decides to replace Jerome Powell as Federal Reserve Chair before his term ends in May 2026, as Trump himself hinted? This issue, which stems from Trump's repeated criticism of Powell's cautious policy-and-legislation on interest rates, has sparked concerns about potential market problems upon Powell's departure and has been the subject of recent controversy in politics.
