Trump says not firing Fed chair -- but not ruling out
Trump's mixed messaging, after months of escalating attacks on the independent central bank chief, sent the yield on the 30-year US Treasury bond surging above five percent.
Asked about whether he would eject Powell, Trump said he is "doing a lousy job but no, I'm not talking about that."
"I don't rule out anything, but I think it's highly unlikely," he added.
Trump noted that he would in any case be able to make a change at the top of the Fed when Powell's term ends next year.
"We'll pick somebody that's good," Trump said. "We want to see lower interest rates."
Powell's term at the helm of the US central bank does not conclude until May 2026, and his term as a Fed governor is up at a later date.
The Fed chair has said that he did not plan to step down early, and considers the central bank's independence over monetary policy to be a matter of law.
A Supreme Court order recently suggested that Fed officials cannot be taken out of their jobs over policy disagreements, meaning they have to be removed "for cause," which could be interpreted to mean wrongdoing.
- Fireable offense? -
The US leader has repeatedly lashed out at Powell for not lowering interest rates more quickly, calling the central banker a "numbskull" and "moron" recently.
Late Tuesday, Trump suggested that a $2.5 billion renovation plan at the Fed could be sufficient cause to force Powell out. Asked by a reporter if the spending was a fireable offense, Trump said: "I think it sort of is."
The US leader on Wednesday floated the possibility of "fraud" involved with the renovation, but provided no details substantiating the allegation.
The president has received political backing from his party for firing the Fed chair, US media reported Wednesday, noting that he told a room of Republican lawmakers that he would do so.
A White House official told CNBC: "They expressed approval for firing him. The president indicated he likely will soon."
The New York Times reported that Trump showed off a draft letter to oust Powell at his meeting with about a dozen House Republicans late Tuesday, although the president said Wednesday that he only "talked about the concept" of removing Powell instead.
Trump added Wednesday that many people want the top job at the Fed, saying: "I think it's one of the easiest jobs in government, you show up once a month and you make a statement about where the economy is going, and we're going to raise or lower interest rates."
Financial markets took a hit after reports about Trump's plans, although they recouped some losses after his later remarks.
The dollar initially fell by one percent against the euro before regaining ground, while safe haven asset gold logged gains.
Wall Street's main indexes stumbled, while the yield on the 30-year US bond surged on market worries.
The Dow Jones Industrial Average was flat while the broad-based S&P 500 Index and tech-focused Nasdaq both lost 0.1 percent.
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The Advertiser
an hour ago
- The Advertiser
Congo, rebel group step closer to permanent ceasefire
The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this". The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this". The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this". The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this".
Perth Now
4 hours ago
- Perth Now
Congo, rebel group step closer to permanent ceasefire
The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this".
SBS Australia
5 hours ago
- SBS Australia
Newspaper owner says it will 'vigorously defend' its Epstein report against Trump lawsuit
US President Donald Trump has sued the Wall Street Journal and its owners, including Rupert Murdoch. The newspaper reported that Trump sent Jeffrey Epstein a birthday greeting including a sexually suggestive drawing. Trump vehemently denied the Journal's report and called the newspaper a "pile of garbage". Wall Street Journal owner Dow Jones said Friday it will "vigorously defend" against legal action after Donald Trump filed a defamation suit over the newspaper's recent article linking the US president to sex offender Jeffrey Epstein. "We have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit," a Dow Jones spokesperson said in a statement hours after Trump filed a suit seeking at least US$10 billion in damages from the company, The Wall Street Journal and media magnate Rupert Murdoch, the founder of News Corp, the paper's parent company. The federal court docket in the Southern District of Florida showed Trump filed a lawsuit on Friday against Dow Jones, News Corp, Rupert Murdoch and two Wall Street Journal reporters, raising claims under federal libel law. A copy of the complaint was not immediately available. Trump vehemently denied the Journal's report, which claimed Trump sent Epstein a birthday greeting in 2003 that included a sexually suggestive drawing and a reference to secrets they shared. "I look forward to getting Rupert Murdoch to testify in my lawsuit against him and his 'pile of garbage' newspaper, the WSJ. That will be an interesting experience!!!" Trump said in a post on Truth Social on Friday morning. New York City's chief medical examiner concluded that Epstein had taken his own life, but this conclusion has been disputed, with many believing he was murdered. The Epstein case has generated conspiracy theories that became popular among Trump's base of supporters who believed the government was covering up Epstein's ties to the rich and powerful. Some of Trump's most loyal followers became furious after his administration reversed course on its promise to release files related to the Epstein investigation. A Justice Department memo released on 7 July concluded that Epstein killed himself and said there was "no incriminating client list" or evidence that Epstein blackmailed prominent people. Attorney-General Pam Bondi had pledged months earlier to reveal major revelations about Epstein, including "a lot of names" and "a lot of flight logs". With pressure to release the Epstein files building, Trump on Thursday said he directed Bondi to ask a court to release grand jury testimony about Epstein. The US government on Friday filed a motion in Manhattan federal court to unseal those grand jury transcripts. The Department of Justice said the criminal cases against Epstein and his former associate Ghislaine Maxwell are a matter of public interest, justifying the release of associated grand jury transcripts. The Journal said the letter bearing Trump's name was part of a leather-bound birthday book for Epstein that included messages from other high-profile people. The newspaper said the letter contains several lines of typewritten text framed by the outline of a naked woman, which appeared to be hand-drawn with a heavy marker. The newspaper said the letter concludes "Happy Birthday — and may every day be another wonderful secret," and featured the signature "Donald." Allegations that Epstein had been sexually abusing girls became public in 2006 — after the birthday book was produced — and he was arrested that year before accepting a plea deal. Epstein died in 2019 in jail after he was arrested for a second time and charged with sex-trafficking conspiracy. Trump, who was photographed with Epstein multiple times in social situations in the 1990s and early 2000s, told reporters in 2019 that he ended his relationship with Epstein long before his legal troubles became apparent.
