Donald Trump said on Thursday that the fate of Jerome Powell, the president of the Federal Reserve, is in his hands. The US President said that the head of the American Central Bank would leave the position “very quickly” if he wants it. Trump once again stated that Powell is “guilty of the Americans lowering interest rates.”
Trump referred to speculation about the possible release of the head of the Fed during a meeting with the Prime Minister Italian Giorgia Melons. The president assured that he has the right to release Powell.
– Oh, he will leave. If I ask him for it, he will go away (…) If I want him to leave, he will leave very quickly, believe me, “Trump said.
Once again, he criticized Powell, claiming that he did not do his work well, he was not satisfied with him and assessed that he was always late with lowering interest rates. He stated that the head of the Fed was putting USA In a worse position towards Europe, because the European Central Bank consistently reduces its feet, while Powell has been refraining from December. He also assessed that Powell “owes Americans” foot reductions.
What can Trump not do and what can
Trump's criticism was a response to the Wednesday speech by the President of the FED in Chicago, in which he assessed that the duties imposed by Trump could contribute to an increase inflation – Perhaps also for longer – and reduction of economic growth. He also suggested that in connection with the uncertainty about commercial policy, the federal reserve would abstain with further foot cuts.
Jerome PowellShawn Thew/PAP
Despite the president's claims that he can freely release the president of the Central Bank, this is the subject of legal controversy that has not yet been resolved.
The provision act speaks of the institution's independence and that its president may only be dismissed for a justified reason. Most lawyers believe that such a reason is not disputes about politics. He may soon comment on this matter Supreme Court on the occasion of another case regarding other independent state agencies.
According to Politico, the Minister of Finance Scott Bessent warned Trump against the release of Powell – a Republican, whom Trump originally called himself – arguing that removing him would additionally destabilized the markets in which there is already uncertainty in connection with the announcement of customs by customs Donald Trump.
Source of the main photo: PAP/EPA/Chris Kleponis/Pool