Trump calls on the Federal Reserve board to take full control of the central bank from Powell and help his large ass out [View all]
WASHINGTON (AP) — President Donald Trump on Friday called for the Federal Reserve’s board of governors to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates.
Posting on his Truth Social platform, Trump called Powell “stubborn.” The Fed chair has been subjected to vicious verbal attacks by the Republican president over several months.
The Fed has the responsibility of stabilizing prices and maximizing employment. Powell has held its benchmark rate for overnight loans constant this year, saying that Fed officials needed to see what impact Trump’s massive tariffs had on inflation.
If Powell doesn’t “substantially” lower rates, Trump posted, “THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”
https://apnews.com/article/trump-powell-interest-rates-federal-reserve-fed-88fe11c20c3074bbd1445a69bbdc623e
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