Trump says Fed chair termination can't come 'fast enough'
WASHINGTON (NEXSTAR) – President Donald Trump says Federal Reserve Chairman Jerome Powell's termination 'cannot come fast enough.' The head of the independent agency has previously said he would not resign at the president's request. The president wants the fed to cut interest rates.
The president expressed his frustration with the fed chair as the agency warns of the impact the president's tariffs could have on the economy.
'If I want him out, he'll be out of there real fast believe me,' said Trump.
President Trump says the fed has not cut interest rates fast enough.
'Oh, he'll leave if I ask him to. He'll be out. I don't think he's doing the job, he's too late, always too late. Really slow and I'm not happy with him,' said Trump.
This comes after Powell signaled the fed would leave interest rates unchanged, while weighing the effects immigration, taxation and tariffs could have on the economy.
'Tariffs are highly likely to generate at least a temporary rise in inflation,' said Powell.
Powell warned that a rise in inflation could make it harder for the fed to cut rates in the immediate future.
'For the time being, we're well positioned to wait for greater clarity before considering and changes to our policy stance,' said Powell.
Despite this warning the president claims rate cuts is the way forward.
'I would say the Fed really owes it to the American people to cut interest rates,' said Trump.
The president says Powell isn't doing his job properly.
'The only thing that's gone up is interest rates because we have a Federal Reserve chairman that's playing politics,' said Trump.
The Federal Reserve is an independent agency. A legal case bound for the Supreme Court could decide whether presidents have the power to fire leaders of independent agencies.
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