Trump And Fed Reserve Chairman Jerome Powell Show Who Is Tougher
In the interview with FOX Business President Trump again touched the issue of his not so positive attitude towards the Federal Reserve Chair Jerome Powell. The background of this attitude is not a secret – Powell has raised interest rates despite Trump's objections.
Recently in another interview, this time with ABC News Chief Anchor George Stephanopoulos Trump complained:
"I'm not happy with what he has done. I'm not happy with the fact that they have done quantitate of tightening. He doesn't make this decision himself but I would think that head of the Federal Reserve has quite bit of power."
When asked if Trump was considered to puts Powell “in a box", Trump answered: "Yes, I do. But I’m gonna do it anyway because I’ve waited long enough.”
So the last week Federal Reserve decided to leave interest rate untouched and unchanged – official statement suggested that in the foreseeable future even the cut can be expected.
"The Fed is insulated from short-term political pressures — what is often referred to as our ‘independence,’” Powell said at the Federal Open Markets Committee meeting.
But it hasn't affected the President's opinion about Powell in any way. Wednesday morning he crashed the chairman. Trump said:
"He is trying to prove how tough he is."
Trump absolutely trashes Fed Chair Jerome Powell.— Aaron Rupar (@atrupar) June 26, 2019
"Here's a guy -- nobody ever heard of him before. And now, I made him, and he wants to show how tough he is, okay. Let him show how tough he is. He's a-- he's a-- he's not doing a good job." pic.twitter.com/SGmFI8WxNb
President said that while he did not threaten to demote the chairman but stated that he still has the "right" both to demote and fire him.
Powell responded to this kind of charge sying
"The law is clear that I have a four-year term and I fully intend to serve it.”