logo
Trump: Fed Chairman Powell will be replaced within a year

Trump: Fed Chairman Powell will be replaced within a year

UPI16-07-2025
1 of 2 | Federal Reserve Chairman Jerome Powell testifies at a House Committee on Financial Services hearing on June 24 and has said he won't let politics influence lending rates. Photo by Annabelle Gordon/UPI | License Photo
July 16 (UPI) -- President Donald Trump said he won't fire Federal Reserve Chairman Jerome Powell but will replace him within the next year when his four-year term ends.
A reporter asked Trump about rumors of his pending firing of Powell while the president fielded media questions prior to a luncheon and meeting with the Bahrain Prime Minister and Crown Prince Salman bin Hamad Al Khalifa at the White House on Wednesday.
"He's always been too late, hence, his nickname 'Too Late,'" Trump said of Powell.
"He should have cut interest rates a long time ago," Trump continued. "Europe has cut them 10 times in the short time that we have cut none.
"The only time he cut them was just before the election to try and help Kamala [Harris], but, obviously, that didn't work," Trump said.
"He does a terrible job," Trump continued. "He's costing us a lot of money, and we fight through it."
He said the nation's economy is strong enough that the Federal Reserve's lending rate of between 4.25% and 4.5% doesn't affect the nation.
Instead, Trump said, it hurts those who want to buy a house by saddling them with a higher mortgage rate.
"He's a terrible Fed chair, Trump said. "I'm surprised that [President Joe] Biden extended him, but they did."
"We're not planning on doing anything," Trump said, but "we're very concerned."
Instead of firing Powell, Trump said his administration can "make a change in the next eight months or so."
Powell initially became the Federal Reserve chairman in 2018 after Trump nominated him for the position during the president's first term.
Biden nominated Powell for another four-year term, for which he was sworn in on May 23, 2022, and ends on May 15, according to the Federal Reserve.
Trump has denied he is planning to fire Powell, unless evidence of fraud arises, CNBC reported on Wednesday.
But on Tuesday, he asked some House Republicans if he should fire Powell and was told he should, CNBC and The Hill reported.
An unnamed participant said Trump told the group he would fire Powell, media reported.
Trump later denied he would fire Powell and said he has not drafted a letter to remove Powell from his chairmanship.
Trump on Wednesday acknowledged he asked the group of House Republicans "about the concept of firing" Powell, CBS News reported.
He said it only would happen if there were some cause, such as possible fraud involved in a $2.5 billion improvement project for the Federal Reserve headquarters in Washington, D.C.
"He's already under investigation," Trump said of Powell. "He spent far more money than he was supposed to rebuilding."
Office of Management and Budget Director Russ Vought last week accused Powell of undertaking a renovation project that has lasted for years that might run counter to federal law, CBS News reported.
Powell in June told a Senate panel some of the criticisms of the renovation of the Federal Reserve's Washington, D.C., headquarters are "misleading and inaccurate."
Trump has criticized Powell for the Federal Reserve not lowering interest rates.
Powell has cited Trump's often-changing tariff policies as the reason for not lowering the Federal Reserve's lending rate.
Powell also has said he won't let politics influence the decisions of the independent Federal Reserve Board of Governors.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Those who invested in Multi-Chem (SGX:AWZ) five years ago are up 457%
Those who invested in Multi-Chem (SGX:AWZ) five years ago are up 457%

Yahoo

time12 minutes ago

  • Yahoo

Those who invested in Multi-Chem (SGX:AWZ) five years ago are up 457%

When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on a lighter note, a good company can see its share price rise well over 100%. Long term Multi-Chem Limited (SGX:AWZ) shareholders would be well aware of this, since the stock is up 276% in five years. It's down 2.1% in the last seven days. Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. During five years of share price growth, Multi-Chem achieved compound earnings per share (EPS) growth of 32% per year. This EPS growth is remarkably close to the 30% average annual increase in the share price. That suggests that the market sentiment around the company hasn't changed much over that time. Rather, the share price has approximately tracked EPS growth. The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image). We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. This free interactive report on Multi-Chem's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further. What About Dividends? When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Multi-Chem, it has a TSR of 457% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments! A Different Perspective Multi-Chem's TSR for the year was broadly in line with the market average, at 29%. It has to be noted that the recent return falls short of the 41% shareholders have gained each year, over half a decade. Although the share price growth has slowed, the longer term story points to a business well worth watching. It's always interesting to track share price performance over the longer term. But to understand Multi-Chem better, we need to consider many other factors. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for Multi-Chem you should know about. Multi-Chem is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Singaporean exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

New FEMA grant program gives states $600M to build migrant detention centers
New FEMA grant program gives states $600M to build migrant detention centers

The Hill

time13 minutes ago

  • The Hill

New FEMA grant program gives states $600M to build migrant detention centers

A new $608 million grant program from the Federal Emergency Management Agency (FEMA) will give states money to build detention centers for people suspected of being in the United States unlawfully. FEMA was already slated to cover some of the costs for Florida's 'Alligator Alcatraz' using a Biden-era program meant for helping asylum seekers. The new facility, quickly constructed in a remote part of the Florida Everglades, is expected to run a tab of about $450 million a year. The new FEMA grant program comes as the Trump administration has increasingly slashed FEMA's ability to assist disaster response, and as the president has mulled closing the agency altogether. CNN reported Friday that FEMA has proposed cutting nearly $1 billion in grant funding to help local first responders better prepare for disasters and to help bolster cybersecurity. A webpage for the program also said it would help reduce 'overcrowding' in facilities maintained by Customs and Border Patrol. A Human Rights Watch report released this week charged that three facilities run by Immigration and Customs Enforcement in Florida faced 'extreme overcrowding,' and that many detainees were denied access to medical care. FEMA has come under scrutiny in the wake of deadly flash floods in Texas, including reports that the federal response was hamstrung by budget cuts or controls designed to limit large expenditures. Applications for the program are open through August 8. It's not clear if states beyond Florida are yet planning make pushes to build their own detention centers.

The Trump administration is telling immigrants 'Carry your papers.' Here's what to know.
The Trump administration is telling immigrants 'Carry your papers.' Here's what to know.

USA Today

time13 minutes ago

  • USA Today

The Trump administration is telling immigrants 'Carry your papers.' Here's what to know.

Immigrants have long been required to carry ID proving they're in the US legally, but the rule was not enforced. Until now. Amid the Trump administration's ongoing crackdown on illegal immigration, the nation's immigration service is warning immigrants to carry their green card or visa at all times. U.S. Citizenship and Immigration Services posted the reminder July 23 on social media: "Always carry your alien registration documentation. Not having these when stopped by federal law enforcement can lead to a misdemeanor and fines." Here's what immigrants – and American citizens – need to know. 'Carry your papers' law isn't new The law requiring lawful immigrants and foreign visitors to carry their immigration documents has been on the books for decades, dating to the 1950s. The Immigration and Nationality Act states: "Every alien, eighteen years of age and over, shall at all times carry with him and have in his personal possession any certificate of alien registration or alien registration receipt card issued to him." But the law had rarely been imposed before the Trump administration announced earlier this year that it would strictly enforce it. The "carry your papers" portion fell out of use for cultural and historical reasons, said Michelle Lapointe, legal director of the nonprofit American Immigration Council. In contrast to the Soviet bloc at the time the requirement was written, "We have never been a country where you have to produce evidence of citizenship on demand from law enforcement." In a "Know Your Rights" presentation, the ACLU cautions immigrants over age 18 to follow the law and "carry your papers with you at all times." "If you don't have them," the ACLU says, "tell the officer that you want to remain silent, or that you want to consult a lawyer before answering any questions." A 'precious' document at risk Many immigrants preferred to hold their green card or visa in safe-keeping, because, like a passport, they are expensive and difficult to obtain. Historically, it was "a little risky for people to carry these precious documents such as green card, because there is a hefty fee to replace it and they are at risk of not having proof of status – a precarious position to be in," Lapointe said. But as immigration enforcement has ramped up, the risks of not carrying legal documents have grown. Failure to comply with the law can result in a $100 fine, or imprisonment of up to 30 days. Immigration enforcement and 'racial profiling' U.S. citizens aren't required to carry documents that prove their citizenship. But in an environment of increasing immigration enforcement, Fernando Garcia, executive director of the nonprofit Border Network for Human Rights in El Paso, Texas, said he worries about U.S. citizens being targeted. "With massive raids and mass deportation, this takes a new dimension," he said. "How rapidly are we transitioning into a 'show me your papers' state?" "The problem is there are a lot of people – Mexicans, or Central Americans – who are U.S. citizens who don't have to carry anything, but they have the burden of proof based on racial profiling," he said. "There are examples of U.S. citizens being arrested already, based on their appearance and their race." Not just immigrants: Why some Native American citizens worry about getting caught in ICE's net American citizens targeted by ICE The Trump administration's widening immigration crackdown has already netted American citizens. In July, 18-year-old Kenny Laynez, an American citizen, was detained for six hours by Florida Highway Patrol and Border Patrol agents. He was later released. Federal agents also detained a California man, Angel Pina, despite his U.S. citizenship in July. He was later released. Elzon Limus, a 23-year-old U.S. citizen from Long Island, New York, decried his arrest by ICE agents in June, after he was released. In a video of the arrest, immigration agents demand Limus show ID, with one explaining he "looks like somebody we are looking for." In updated guidance, attorneys at the firm of Masuda, Funai, Eifert & Mitchell, which has offices in Chicago, Detroit and Los Angeles, advise U.S. who are concerned about being stopped and questioned "to carry a U.S. passport card or a copy of their U.S. passport as evidence of U.S. citizenship." Lauren Villagran can be reached at lvillagran@

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store