Trump Calls for Federal Reserve Chair Powell’s Termination – RVBusiness – Breaking RV Industry News
WASHINGTON (AP) — President Donald Trump slammed Federal Reserve Chair Jerome Powell on Thursday, reiterating his frustration that the Fed has not aggressively cut interest rates and saying that the central bank leader’s “termination cannot come fast enough,” according to an Associated Press report.
Trump hinted at moving to fire Powell, whose term does not expire until next year. The Republican president’s broadside comes a day after Powell signaled that the Fed will keep its key interest rate unchanged while it seeks “greater clarity” on the impact of policy changes in areas such as immigration, taxation, regulation and tariffs (see video above).
Powell’s comments contributed to a drop in stock prices Wednesday.
“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS,” Trump said in a social media post.
Referring to the European Central Bank, he added that Powell “should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
The European Central Bank on Thursday lowered its key interest rate from 2.5% to 2.25%.
Powell was initially nominated by Trump in 2017, and he was appointed to another four-year term by President Joe Biden in 2022. At a November news conference, Powell indicated he would not step down if Trump asked him to resign.
Click here to read the full Associated Press report.
