According to Bloomberg, President Donald Trump addressed speculation about his intentions regarding Federal Reserve Chair Jerome Powell.
Despite expressing frustration over the Fed’s cautious approach to cutting interest rates, Trump firmly stated he has no plans to remove Powell from his position.
Speaking to reporters, Trump said,
“Never did. The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates.”
This statement comes amid ongoing debates about the Federal Reserve’s monetary policy as the U.S. economy faces pressures from inflation and slowing growth.
Trump’s comments follow months of criticism he has directed at the Fed for not easing monetary policy more aggressively. During his presidency and afterward, Trump repeatedly urged the central bank to reduce interest rates to stimulate economic growth. However, Powell and the Federal Reserve have maintained a cautious stance, balancing inflation control with economic stability.
The Federal Reserve’s decisions on interest rates are closely watched by markets and policymakers alike. Lowering rates can encourage borrowing and investment but may also risk higher inflation. Powell’s leadership has been characterized by a data-driven approach, often emphasizing the need for patience and careful assessment of economic indicators.
Trump’s clarification helps dispel rumors of a potential shake-up at the Fed’s top leadership, which could have introduced uncertainty in financial markets. It also highlights the ongoing tension between political figures advocating for swift policy changes and the Fed’s independent mandate to manage monetary policy.
Notably, Christopher Waller, A Federal Reserve governor, advocates for clear regulations governing the issuance of stablecoins by both banks and non-banks, believing this could bolster the U.S. dollar’s global standing.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
