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Breaking: Jerome Powell Allegedly Considering Resignation Amid Trump’s Criticism

FHFA Chairman William Pulte has suggested that Fed Chair Jerome Powell is considering resigning amid Donald Trump's criticism of him.
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Breaking: Jerome Powell Allegedly Considering Resignation Amid Trump’s Criticism

Highlights

  • FHFA Chairman William Pulte stated that he is encouraged by reports that Jerome Powell is considering resignation.
  • He remarked that this decision is right for America and that the economy will boom.
  • This comes amid Trump's criticism of the Fed Chair, although he said he won't fire Powell.

Jerome Powell is allegedly considering resigning as the Fed Chair, a development that could be bullish for the crypto market. This comes amid criticisms from US President Donald Trump, who is pushing for a 300-basis-point (bps) Fed rate cut.

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FHFA Chairman Comments On Jerome Powell’s Possible Resignation

In an X post, William Pulte released a statement commenting on reports that the Fed Chair is considering resignation. The FHFA Chairman didn’t allude to any reports in particular but remarked that such a move from Jerome Powell would be the “right direction for America, and the economy will boom.”

Source: William Pulte’s X

It is worth mentioning that Pulte had called for an investigation into the Fed Chair earlier this month. He urged Congress to investigate Powell for alleged untrue statements in his Senate testimony.

Meanwhile, this statement about Jerome Powell allegedly considering resignation comes amid Trump’s criticism of the Fed Chair and his push for a 300 bps rate cut. The president remarked that the Fed should cut rates rapidly, as there was no inflation.

He also indicated that a Fed rate cut would be perfect to reflect the current strength in the market, with crypto prices through the roof and the stock market reaching new highs. However, the Fed Chair has declared that they are in a good position to wait and see the impact of tariffs on inflation rather than hurry to cut rates.

Trump again stated today that he thinks Jerome Powell is doing a terrible job. However, he revealed that he has no plans to sack the Fed Chair. Powell’s tenure as Fed Chair doesn’t end until May next year.

Meanwhile, in an interview, Senator Cynthia Lummis also declared that there is a need for a new Fed and that Powell needs to go now. She alluded to his delay in cutting rates as one of the reasons he needs to leave.

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Bitcoin Price Rises On The News

The Bitcoin price rose to $118,000 from around $117,400 on the back of Pulte’s statement that Jerome Powell is considering resigning as the Fed Chair. His potential resignation could be bullish for BTC and the broader crypto market since a rate cut could occur after Powell’s departure.

Source: CoinMarketCap

Powell’s departure might be the only way the market gets a rate cut anytime soon. As CoinGape reported, there is a 95% chance that the Fed will keep rates unchanged at the upcoming July 30 FOMC meeting.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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