US President Donald Trump once again took a jibe at outgoing Federal Reserve Chair Jerome Powell, stating that he should resign and that he would “love to fire him.”Trump had earlier sought Powell’s ouster in July this year, but a negative and sharp reaction from the equity markets over concerns regarding the central bank’s independence led him to backtrack on his remarks.
“Maybe I still might,” Trump told reporters when asked whether he would still fire Powell with five months left for his term to complete.
Powell, nominated by Trump himself in 2017 during his first term as President, has been in the line of fire in Trump’s second term as President over lowering interest rates with Trump calling him “too late” when it comes to lowering rates.Trump also said on Monday that he was considering a “gross incompetence” lawsuit against Powell related to an ongoing renovation project at the Fed.
“Maybe I still might,” Trump told reporters when asked whether he would still fire Powell with five months left for his term to complete.
Powell, nominated by Trump himself in 2017 during his first term as President, has been in the line of fire in Trump’s second term as President over lowering interest rates with Trump calling him “too late” when it comes to lowering rates.Trump also said on Monday that he was considering a “gross incompetence” lawsuit against Powell related to an ongoing renovation project at the Fed.
With his term ending in May 2026, Powell has the option to stay on as Governor until 2028, which could prevent Trump from appointing one of his own nominee on the board, in case he resigns. The Fed Chair has not made his intentions clear on his plans after the end of his term.
On the new Fed Chair, Trump mentioned that he has someone in mind and that he will make the announcement in “January sometime.” He told reporters at his Mar-a-Lago resort in Florida that there is still plenty of time to make that announcement.
(With Inputs From Agencies)
