Trump reportedly plans to fire Fed Chair Powell 'soon' as pressure increases on the central bank

[Zorro]

President Trump appears to be inching closer to firing Jerome Powell as Federal Reserve chair, according to news reports and his own comments.

Bloomberg reported that the president is likely to fire Powell "soon," quoting a White House official, and CBS News reported Wednesday that Trump posed the question of whether he should do so during a meeting in the Oval Office Tuesday night with House GOP members.

Some lawmakers agreed; and several indicated he will do it.

These reports come after Trump on Tuesday told reporters that Powell’s handling of a $2.5 billion renovation of the Federal Reserve headquarters “sort of is” a fireable offense.

Any final move by the president to oust the Fed chair could lead to a legal war with Powell, who has argued he can't be removed by law.

https://finance.yahoo.com/news/trump-reportedly-plans-to-fire-fed-chair-powell-soon-as-pressure-increases-on-the-central-bank-151534718.html

[newdeal2]

1. Good distraction from Epstein

[bucolic_frolic]

2. This is about interest rates and the economy in 2026 elections

Trump needs lower interest rates soon so they boost the pace of the economy, inflation be damned. So he doesn't want to wait until May when Powell's term expires.

[allegorical oracle]

13. Every financial expert I read or see says interest rates should NOT be lowered. nt

[Kid Berwyn]

3. Trump can fire whomever he wants.

Gee, I wish Democrats had those super pee-residuncil powers.

Maybe it's part of the Trump-can-do-whatever-he-wants because he's King Taco.

[Arazi]

9. SCOTUS specifically said the Fed Chair could not be fired

We’ll see if they (finally) recognize the constitutional crisis they created a few months ago.

Traitor will fire Powell but SCOTUS clearly wants to protect their portfolios.

[Kid Berwyn]

10. Whew! Won't feel better knowing their money is safe.

In newly revealed testimony, Jane Roberts, the wife of Chief Justice John Roberts said she worked for “U.S. attorneys, cabinet officials, former senators” and more.

By HAILEY FUCHS and JOSH GERSTEIN
Politico, 01/31/2023

EXCERPT...

Jane Roberts’ placements included at least one firm with a prominent Supreme Court practice, according to the complaint, which also includes sworn testimony from Roberts herself, in which she notes the powerful officials — whose agencies have had frequent cases before her husband — for whom she has worked.

“A significant portion of my practice on the partner side is with senior government lawyers, ranging from U.S. attorneys, cabinet officials, former senators, chairmen of federal commissions, general counsel of federal commissions, and then senior political appointees within the ranks of various agencies, and I -- they come to me looking to transition to the private sector,” Roberts said, according to a transcript of a 2015 arbitration hearing related to her former colleague’s termination.

In her testimony, Roberts also noted the benefit of working with senior government officials: “Successful people have successful friends.”

Continues…

https://www.politico.com/news/2023/01/31/jane-roberts-legal-recruiting-work-agencies-cases-supreme-court-00080515



"They come to me." -- Mrs. Jane Roberts, wife of Chief Justice John Roberts

[ITAL]

4. The Chair definitely has sway

But it's a seven member board and I'm pretty sure decisions require a majority vote. So even should Trump be successful in getting rid of Powell, I'm not sure Trump can be assured of interest rates being lowered.

[mahatmakanejeeves]

5. Lots of talk all over, but no action yet.

https://news.google.com/stories/CAAqNggKIjBDQklTSGpvSmMzUnZjbmt0TXpZd1NoRUtEd2lna2Y2NURoRW14em1XTFpRR1ZpZ0FQAQ?hl=en-US&gl=US&ceid=US%3Aen

[ImNotGod]

6. Just more taco salad. nt

[bmichaelh]

7. Tapper is wrong again

Trump forgot that he is the one that appointed Powell.

So Tapper it is not about just personality but cognitive decline also.,

https://www.msn.com/en-us/news/politics/tapper-tells-ex-viewer-trump-s-behavior-is-more-about-personality-than-cognitive-decline/ar-AA1GTG0H

https://www.rawstory.com/trump-forgets-picking-jerome-powell/

[Johonny]

8. I dont think the market will like that move

Clearly blindly cutting rates into inflation is a spectacular move.

[WarGamer]

12. Rate cuts will only lead to inflation assuming people have money to spend...

Data shows more and more people are already stretched thin.

[Johonny]

16. Firing the FED chair the first time ever

Is a huge instability. Markets like to know the rules. Although right now I assume the market thinks Trump will Taco on firing him.

[pcdb]

15. The stock market will love it

Equities will immediately go up when rates go down. Long term the risk of inflation rises, but Trump would rather take the early win on the stock market and hope inflation doesn't manifest until after 2026.

[WarGamer]

11. High interest rates are a greater tax on the public than tarriffs

That F150 you want?

$897/mo at 6.9% interest rate...

$712/mo at 4.9% interest rate...

High interest rates make everything more expensive.

Fuck Trump and his likely illegal attempt to fire JP

But fuck JP for punishing the American people.

[BannonsLiver]

17. Yes, I'm sure Powell wakes up every day with the burning desire to keep someone from buying an F150.

🙄

Sounds like something Mango Mussolini would say.

[appmanga]

14. That move will be the guaranteed way...

...to speed up our entry into the upcoming recession.