US President Donald Trump has intensified his attacks on the chairman of the federal reserves Jerome Powell. “It’s dull,” Trump said, accusing him of high interest rates. “It keeps rates too high and probably does it for political reasons.”
“I think he did a bad job, but it would be very early. He’ll be out in eight months,” the president said.
While Powell’s current term, as the Fed’s chair ends in May 2026, seemed that Trump suggested that it could be replaced before-if he did not explain why the eight-month time frame was relevant.
GOP check on fed renovation HQS
In addition to the policy of interest rates, Powell faced a growing criticism of Republican legislators over the project of renovation of the headquarters of the Federal Reserve in the amount of $ 2.5 billion. Trump and others accused the Fed of missing fiscal supervision.
“The Fed had a big mission,” Bessnt said, adding, “They just print the money to spend it. And I think a thorough review should be made.”
He claimed that while the Fed’s monetary policy should remain protected as a “jewelry box”, its other functions “have just grown and grew”, partly because they were not the subject of congress resources.
Bessnt requires internal check
Bessent demanded an internal review of non -monetary activities of the Fed, especially reconstruction.
“There is a real chance for (Powell) heritage-that is the true size of unchanged political functions of the Fed,” he said.
“Since the financial crisis, the Fed had what I call monetary policy, and the expenses have increased a lot,” Bessnt said.
Trump doesn’t rule out anything
When he asked last week if he had ruled out the firing of Powell, Trump said, “I don’t rule out anything but I think it’s very unlikely – if they don’t have to go for a scam.”
Powell replies: “Good Public Resources Administrators”
In a letter to the director of Trump Russ Vought, Powell, he defended the Renovation project and said: “We are seriously responsible for being good public resources when we fulfill our duties provided by the congress on behalf of the US people.”
Powell’s term of office as a Fed chair goes through May, but its wider role of the Governor of the Federal Reserve continues until January 2028.
(Tagstotranslate) Donald Trump
