US President Trump expresses dissatisfaction with Powell’s leadership of the Fed. It takes to reduce rates and plans to nominate his successor with other visions.
US President Donald Trump again attacked the head of the US Central Bank (Fed), to whom he has shown that he should resign. He also declared that the key interest rate should fall to 1 %. Reuters informed about it.
“If he wanted to withdraw, I would be very happy. He did a miserable job,” Trump said. At the same time, he added that the main interest rate in the US should be 1 %in this period. “But we pay more because we have a guy who, in my opinion, suffers from Trump’s deranging syndrome,” he added.
Trump has long been attacking Fed’s President Jerrom Powell for his high interest rates and not once indicated that he was considering his ejection. After the initial attacks, however, he always retreated from his threats.
His mandate ends next year
At the last meeting in mid -June, the Fed left the key interest rate unchanged, for the fourth consecutive time. It remains in the band 4.25 % to 4.50 %. Powell defended the leaving the rate at the original level, saying that it is necessary to wait for the first time to go, in what direction the economy would take and decide on the next steps.
Powell’s mandate ends in May next year. Trump wants to nominate his successor in the coming months, stating that it will be a person who expects interest rates to lower. He said this week that he should choose from three to four people, and according to media information, the former Governor Feda Kevin Warsh, the main economic advisor to the White House, Kevin Hassett, the current Governor Fed, Christopher Waller and the Minister of Finance Scott Bessent, are given great chances.
