Trump Reveals He Won’t Fire Fed Chair Jerome Powell
Highlights
- Donald Trump stated that he won't fire Jerome Powell although he doesn't see how it would be bad for the markets.
- He gain urged the Fed Chair to cut rates.
- The president said that if inflation rises again in a year, the Fed can move to raise rates again.
US President Donald Trump has finally broken his silence on the rumors about firing the Fed Chair Jerome Powell. Trump revealed that he has no plans to do so amid reports that US Treasury Secretary Scott Bessent or former Fed Governor Kevin Warsh could replace the Fed Chair.
Trump Won’t Fire Jerome Powell
According to a Bloomberg report, the president has said that he doesn’t plan to fire the Federal Reserve Chair, just days after stating that he would announce a decision on Jerome Powell’s successor soon.
As CoinGape reported, former Fed Governor Kevin Warsh had emerged as the favorite to take up the role following Trump’s statement about making an announcement soon. However, the president has now suggested that he would allow the Fed Chair to complete his term, which ends in May 2026.
He noted that there have been reports that say it would be bad if he fired Jerome Powell, and that he doesn’t know why it would be bad, but he has no intention to fire him either way.
Meanwhile, Trump again complained about how the Fed has been slow to cut interest rates despite evidence that inflation is cooling. As CoinGape reported, the May US CPI inflation data came in lower than expectations. Following the data release, the president urged Powell and the FOMC to cut rates by 100 bps. Traders are also pricing in two Fed rate cuts this year, in September and December.
Donald Trump told Jerome Powell and the Fed that they can raise rates again if inflation returns. He said,
Let’s say there was inflation. In a year from now, raise your rates. I don’t mind, raise your rates. I’m all for it. I’ll be the one to be calling you.
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