Trump Verbally Attacks Fed Chair Powell
(MENAFN) United States Leader Donald Trump stated on Thursday that he would not dismiss Federal Reserve Chairman Jerome Powell, despite frequently censuring him for not reducing interest rates.
Speaking from the White House, Trump remarked, "I would like this guy to lower interest rates. If he doesn't, then we have to pay. We have a lot of short-term debt," expressing dissatisfaction with Powell's refusal to ease monetary policy.
Trump did not hold back in his criticism, even labeling the central bank head a "numbskull."
The president contended that the United States could conserve USD600 billion every year if interest rates were cut by two percentage points.
However, he lamented, "we can't get this guy to do it." He went further, saying, “We’re going to spend $600 billion a year, $600 billion because of one numbskull that sits here and says 'I don't see enough reason to cut the rates.'"
Trump has consistently demanded rate reductions from Powell, calling him names such as "Too Late," "a fool," and "a major loser."
Just a day earlier, on Wednesday, Trump praised the newly released inflation figures—which came in lower than anticipated on both an annual and monthly basis—and used the opportunity to again recommend that the Federal Reserve lower rates to reduce borrowing expenses.
At one point, Trump even suggested he was contemplating removing Powell before his term was completed, but he eventually clarified that he had "no intention" of dismissing the Fed chief.
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