Trump believes he has authority to demote Fed’s Powell: Bloomberg

Politics

FILE PHOTO: Federal Reserve Chairman Jerome Powell arrives for a news conference following a two-day Federal Open Market Committee meeting in Washington, U.S., June 19, 2019. REUTERS/Kevin Lamarque/File Photo

(Reuters) – U.S. President Donald Trump believes that he has the authority to replace Federal Reserve Chair Jerome Powell and demote him to be a board governor, but is not planning to do so presently, Bloomberg reported on Wednesday, citing people familiar with the matter.

Trump is pressuring the Fed to reduce rates, saying in October that the central bank had “gone crazy” under Powell.

The Fed on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month. The central bank left its benchmark interest rate unchanged for now.

Reporting by Kanishka Singh in Bengaluru; Editing by Lisa Shumaker

Products You May Like

Articles You May Like

Classy Djokovic charges into another Wimbledon final
Trump abortion referral ‘gag rule’ survives demand for emergency halt
South African musician Johnny Clegg dead at 66
Trump faces House condemnation after his tweets on minority congresswomen
Pharma firm Gilead to raise Galapagos stake in $5.1 billion deal

Leave a Reply

Your email address will not be published. Required fields are marked *