Trump threatens Jerome Powell on interest rates: the termination cannot come quick enough!
President Donald Trump criticized the president of the Federal Reserve on Thursday, Jerome Powell, saying that his “termination cannot come quick enough!” On Powell’s continuous negative to leaning for pressure and reduce interest rates.
Trump, carrying his complaints to social networks, called the president “Too Late Jerome Powell” after Powell, a day before, defended his position that the Federal Reserve should delay reduction rates until he had a better understanding of Trump’s policies.
Powell, speaking before a audience in Chicago, added that Trump’s tariffs are “very likely” to cause greater inflation and more slow economic growth than expected above.
Bloomberg through Getty Images
Trump ruled out his evaluation as “another, and typical, complete” disaster! “
“Petroleum prices have dropped, the groceries (even eggs!) They are low, and the United States is enriching with tariff Trump.
Trump has repeatedly asked Powell to reduce interest rates since he assumed the position. During his first term, he also talked about saying goodbye to Powell due to his frustration with the losses of the stock market and the risk that the economy will fall into recession during the Covid-19 pandemic.
Powell, on Wednesday, said that he will not bow to political pressure and recalled that the “independence of Fed is a matter of law” and that its members cannot be eliminated from their position “except for the cause.”
“We will never be influenced by any political pressure,” he said. “People can say what they want. That’s fine. That is not a problem. But we will do what we do strictly without taking into account policies or any other foreign factor.”
Powell, like other economists, has made similar and sinister predictions about the decline of the economy of the United States after Trump’s tariff increases, warning earlier this month that they could lead to a combination of inflation, greater unemployment and a decrease in the growth of the United States.
“While it is very likely that tariffs generate at least a temporary increase in inflation, it is also possible that the effects can also be more persistent,” he said.
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JP Morgan Chase’s CEO, Jamie Dimon, also warned last week that a recession is a probable result of Trump’s tariffs. JP Morgan economists have given a 60% probability of a recession.
Recently surveyed economists expressed similar concerns, saying that they expect a significant slowdown in the United States economy this year and then, with the median probability of a recession in the next 12 months that are close to 50%.