Trump Considers Firing Fed Chair Powell Amidst Political Tensions
President Trump hinted at possibly firing Federal Reserve Chair Jerome Powell over disagreements on interest rates and alleged mismanagement of a Fed renovation project. Despite private discussions leaning towards removal, Trump publicly stated it's 'highly unlikely.' The decision continues to stir political debate and market fluctuations.
- Country:
- United States
President Donald Trump has publicly stated he is 'highly unlikely' to fire Federal Reserve Chair Jerome Powell. This comment comes shortly after implying privately that he was considering dismissing Powell, a long-standing target over interest rate disagreements.
The president confirmed private discussions with House Republicans mentioning Powell's potential dismissal, attributed to dissatisfaction with the Fed's decisions. Trump's comments on removing Powell led to stock market fluctuations, sparking political debate amid criticisms of Powell's handling of a significant renovation project at the Federal Reserve.
Republicans remain divided on Powell's performance. While some support Trump's stance, others, like Sen. John Kennedy, acknowledge occasional disagreements but trust Powell's judgment. The tensions highlight ongoing challenges of maintaining the Federal Reserve's political independence under Trump's administration.
(With inputs from agencies.)
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