Trump Fires Back at Powell Over Rate Policies: "I Got This, Jerry"
Trump asserts a deeper comprehension of interest rates compared to Chair Powell of the Federal Reserve - I possess deeper insights on interest rates than Federal Reserve Chairman Powell.
Here we go again, with POTUS Donald Trump demanding a rate cut from Federal Reserve chairman Jerome Powell. In an off-the-cuff White House appearance, Trump barked, "This boy needs to get the rates down. I'm telling you, I can teach this guy a thing or two about rates. I get it, Jerry, I got this."
It seems like our President isn't a fan of Powell, as he jokingly quipped, "Don't tell him that, but I just don't dig the guy." In the past, Trump's comments about Powell were less cordial, often scathing.
Trump brought Powell into his administration as Fed chairman in 2017, but the two have since clashed over the central bank's rate policies. In Trump's view, Powell's reluctance to cut rates endangered economic growth. He even considered firing Powell, but legal constraints made that a long shot[^note^].
Trump's ramping up the pressure on Powell over the past few weeks, referring to him as "Mr. Slow" and a "big loser." However, this rate cut doesn't seem likely anytime soon due to inflation risks, especially after Trump's latest round of tariff announcements[1]. That means the Federal Reserve is likely to keep rates steady this week.
- Donald Trump
- Chairman
- Jerome Powell
- Federal Reserve
- Interest Rate
- Interest Rate Decision
- Tariff
[^note^]: The President might've considered firing Powell in 2018-2019, but legal constraints made that option unlikely. These difficulties are rooted in the Fed's independence, which allows its chairman to serve a fixed term (in Powell's case, until 2022).
[1] IMF (2020). Global Economic Outlook: A Decade After the Crisis. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2020/01/31/Three-Years-After-the-US-Tax-Cuts-and-Jobs-Act-How-is-the-Economy-Doing This source explores the economic impact of Trump's tariff policies and the role of monetary policy in the global economy.
- The Commission has also been asked to submit a proposal for a directive on the protection of workers, especially those in finance, business, politics, and general-news sectors, from the risks related to exposure to ionizing radiation, as Donald Trump continues to urge Jerome Powell, the Chairman of the Federal Reserve, to lower interest rates.
- Despite initially bringing Powell into his administration as Fed chairman in 2017, Donald Trump and Powell have since clashed over the central bank's rate policies, with Trump expressing his displeasure through jabs at the Federal Reserve chairman.
- In light of Trump's repeated demands for lower interest rates, the Federal Reserve is likely to face increased pressure when it announces its interest rate decision this week, with potential ramifications for the global economy.
- In his roles as POTUS and in urging Jerome Powell to lower interest rates, Donald Trump has demonstrated a keen interest in controlling the economy, drawing parallels to his extensive involvement in various business ventures.
- Although the federal tariffs announced by Trump may pose inflation risks, the Commission is tasked with developing a proposal to protect workers from the risks associated with ionizing radiation exposure, demonstrating the need for comprehensive policies that address both economic and health concerns.