Trump can't oust Powell: Frustration over Fed policies
The President of the USA, Donald Trump, admitted on Thursday that Jerome Powell, the chairman of the American Federal Reserve (Fed), cannot be quickly removed from his position. Trump expressed impatience with Powell's policies, especially regarding the lack of interest rate cuts.
Jerome Powell's term as Fed Chairman ends in May 2026. After Trump's victory in the presidential elections, Powell assured that he would not leave his position, even if the new administration tried to pressure him to do so.
Trump speaks out on Fed chairman
On Thursday, a post was published on Trump's profile on the Truth Social platform, making it clear that he is frustrated with the actions of the president of the US central bank. According to Trump, the Fed Chairman "should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now."
"Powell’s termination cannot come fast enough!" added Trump.
Bloomberg reported that when asked to explain this post, the White House did not respond to a request for comment. After the November presidential elections, Powell stated that removing him or any other Fed representatives before their terms end would be illegal.
Reuters reminded readers that the central bank's interest rate in the USA has not changed since December of the previous year. Trump criticized Powell following his Wednesday remarks, in which the Fed Chair emphasized that the central bank’s independence is broadly acknowledged and backed by key decision-makers in Washington and Congress.
Wednesday's speech by Powell was his first since Trump's suspension of some tariffs. The Chairman of the Federal Reserve remarked that the recent market turbulence is a reaction to "dynamic changes" in the administration's trade policy and not indicative of issues that would necessitate Fed intervention.
