Trump bashes `stubborn child` Federal Reserve as economy shows signs of weakness

Darnell Taylor
June 26, 2019

President Trump denied that he threatened to demote Federal Reserve Chairman Jerome Powell even though he says he has the right to do so.

Trump said he's "not happy" with Powell's actions.

It's become a growing risk in recent years as President Donald Trump has repeatedly attacked the US central bank over interest rate policy and tried to appoint his political allies to its board.

"Well, let's see what he does", Trump said just prior to the Fed announcement when asked whether he plans to remove Powell from his position.

It tries to meet these goals primarily through its ability to set benchmark interest rates, which requires careful balancing the economy's many different needs.

All Americans should hope Powell stays in his post and continues to try to do what's best for the economy, not just the president.

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The latest tweets come after Trump ripped Powell specifically in a new interview with NBC. "No, I don't think he's done a good job".

Trump's pressure on Powell intensified this month. Powell said on Wednesday that he intends to serve his full four-year term and that "the law is clear" on that issue. "That's been proven", Trump said.

The Fed held its target interest rate steady at its June meeting last week but signaled to markets that it was prepared to cut rates if inflation stayed low and economic growth continued to slow.

Trump said the US economy is strong enough to "bull through" what he sees as the headwinds created by the Fed's four interest rate hikes in 2018 "but I'm not happy with" Powell's actions.

For example, a central bank may decide to lift interest rates to lower inflation or cool down an overheating economy.

So far in 2019, investors haven't been concerned about rising interest rates.

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