Trump slams Fed chair Powell
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President Donald Trump’s attacks on Federal Reserve Chair Jerome Powell are so commonplace at this point that they barely register in financial markets these days. The rapidly intensifying multi-pronged efforts by Trump’s advisers to amplify and expand on Trump’s attacks are a good reason to rethink that indifference.
A dispute over the Federal Reserve’s renovation of its headquarters could provide the pretext to attempt the removal of Fed chief Jerome Powell over interest-rate disagreements.
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White House budget director Russell Vought said in a social media post that Jerome Powell 'has grossly mismanaged the Fed' as he published a letter sent to the central bank chairman raising concerns about renovations of the institution's Washington offices.
The president’s attacks on the independence of the Federal Reserve could further harm the dollar’s status as the preeminent international reserve currency, making credit dearer rather than cheaper.
FILE PHOTO: U.S. President Donald Trump looks on as Jerome Powell, his nominee at the time to lead the U.S. Federal Reserve, moves to the podium at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria/File Photo
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Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.
Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.
The White House accuses the Fed chair of potentially "violating the law" in his renovation of the central bank's Washington, D.C., headquarters.
The nonprofit purchased the plant for $11 million to create a space for people with invisible disabilities. “When we say invisible disabilities think things like autism, PTSD, epilepsy, dementia,” Sease said.