Donald Trump is considering an announcement of a report to replace the Federal Reserve chairman, which has fallen to a three-year low, according to a report. Jerome Powellearlier than expected.
The U.S. President clashed with Powell repeatedly, accusing the head of the central bank of lowering interest rates too slowly, calling him “very stupid” His latest wide edge on Tuesday.
Powell’s term as chairman will last another 11 months until the next May, with successors traditionally three to four months ahead of schedule.
but, According to the Wall Street Journal Trump is considering choosing and announcing Powell’s replacement in September or October to lower the dollar by 0.5% since March 2022.
WSJ reported that the news of re-election may even be as early as this summer, given Trump’s frustration with Powell and the Fed. Boycott his call for lower interest rates.
Early announcements by the next Fed chairman could allow those Trump’s choice to influence expectations of interest rates, which could undermine Powell in the final months of his term.
Trump repeatedly expressed his contempt for Powell, Call him “stupid” Before the central bank puts its latest interest rate decision on interest rates this month.
“I know three or four people I’m going to choose know if he chose Powell’s successor,” the president said in a press conference at the NATO summit in The Hague on Wednesday.
Trump is reportedly considering former Fed Governor Kevin Warsh, National Economic Commission director Kevin Hassett, and the United States, according to reports Finance Minister Scott Bessent.
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Trump had previously spoken about Powell: “He is a political person, not a smart person, but he is making the country rich.” His attack on Powell and his call on the Fed to ease monetary policy, which questioned the independence of the central bank.
The Fed has repeatedly said it made decisions based on economic data rather than political intervention. It added that it continued interest rates in June due to uncertainty about Trump’s controversial tariff plan, which led to central banks raising their inflation forecasts.
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A wellness enthusiast and certified nutrition advisor, Meera covers everything from healthy living tips to medical breakthroughs. Her articles aim to inform and inspire readers to live better every day.
