US Fed rate cut: Donald Trump to appoint himself to lead Federal Reserve soon? Here's what American President has to say
US President Donald Trump on Wednesday wondered whether he is allowed to run the Federal Reserve or not. This comes as the Fed is all set to make key announcement regarding interest rate this afternoon. Trump criticized Federal Reserve Chair Jerome Powell for what he expected would be a decision not to lower interest rates and said the man he put in the role during his last term had done a poor job, as per a report.
Trump, speaking to reporters at the White House, mused about appointing himself to lead the U.S. central bank, based on his dissatisfaction with Powell, Reuters reported.
"Maybe I should go to the Fed," Trump said. "Am I allowed to appoint myself at the Fed? I'd do a much better job than these people," Trump said.
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Trump has long criticized Powell and sparked market concern earlier this year. Trump has since walked back from that rhetoric, saying he would not fire Powell before his term as chair ends next year, but he has not held back on his broader criticism and has made clear that he will not ask Powell to stay on as the central bank's leader.
Will Fed Cut Interest Rate?
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The Federal Reserve is expected to keep interest rates unchanged on Wednesday as its policymakers weigh signs of a cooling economy, the risk of higher inflation from U.S. import tariffs, and the escalating crisis in the Middle East.
Trump expressed disappointment in advance of the decision and underscored his belief that the Fed had been too late at cutting rates. "I call him 'too late Powell' because he's always too late. I mean, if you look at him, every time I did this I was right 100%, he was wrong," Trump said.
FAQs
Q1. Who is Chairman of US Fed?
A1. Federal Reserve Chair is Jerome Powell.
Q2. Who is President of USA?
A2. President of USA is Donald Trump.
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