Donald Trump is unhappy with the head of the U.S. central bank.
Here’s why: Powell, who hurriedly cut federal interest rates by 75 basis points ahead of the 2024 election, has been reluctant to ease monetary conditions further, citing potentially inflationary effects of the White House’s new tariff policies.
Trump has been floating the idea of firing him for a while now. The regulator, for his part, has maintained since November that Trump lacks the legal authority to do so. Powell’s term is slated to end in May 2026 in any case.
„Jerome Powell has been very bad for our country,” Trump said over the weekend. „We should have the lowest interest rate on Earth, and we don’t. He just refuses to do it.”
The coalition against Powell appears to be growing by the day. The director of the Federal Housing Finance Agency (FHFA), Bill Pulte, has accused the chairman of political bias and called for a congressional investigation into his leadership.
Republican members of Congress (such Sena
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