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President Donald Trump disavowed any intention of firing Federal Reserve Chair Jerome Powell, just days after calling him a ‘major loser.’
The president quickly dismissed a question about whether he would get rid of Powell, on a day markets soared amid White House talk of a potential trade deal with China.
Trump said he had ‘no intention’ of firing Powell, whose term leading the independent Fed lasts until next year.
‘None whatsoever. Never did,’ Trump said. ‘The press runs away with things. No, I have no intention of firing him,’ Trump told reporters at the White House.
That didn’t stop him from revisiting his own criticisms of Powell – although in considerably softer form.
‘I would like to see him be a little more active in terms of his idea to lower interest rates. It’s a perfect time to lower interest rates. If he doesn’t, is it the end? No, it’s not, but it would be good timing. It would be – which could have taken place earlier. But no, I have no intention to fire him.’
The comments are a remarkable turnaround. Trump sent markets spiraling downward with his attacks on Powell, who has resisted his call for quick interest rate cuts that might blunt the impact of an international trade war after Trump slapped tariffs on China, Mexico, Canada, and countries around the world.
President Trump called it the ‘perfect time’ to lower interest rates, but said Tuesday he has ‘no intention’ of firing Fed chair Jerome Powell
Last week, Trump accused Powell of ‘playing politics’ with interest rates. He has also accused him of keeping rates low to help the election of President Joe Biden. Trump nominated Powell to chair the Fed in 2017.
Powell last week told the Economic Club of Chicago that Trump’s tariffs have been ‘significantly larger than anticipated’ and that the uncertainty around them could inflict lasting economic damage.
On Thursday, as the clash continued, he posted that Powell’s ‘termination cannot come fast enough.’
Trump blamed the press, and said it ‘runs away’ with things, despite calling Powell a ‘major loser’
Trump discussed Powell at a swearing-in ceremony for Paul Atkins, the new Chairman of the Securities and Exchange Commission (SEC)
Trump wrote on Monday that ‘Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’
‘With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.’
That kicked off another market selloff.
After a month where the Dow had its worst April since the Great Depression – in a development the Wall Street Journal noted in a headline – Trump appeared happy to celebrate market gains.
‘I see the stock market was up nicely, but this is a transition period, and it’s going to be a little while,’ Trump said.
The markets sent a message after Trump blasted Powell. But there is debate about whether he has the power to fire the independent Fed chair.
Strengthening Trump’s hand is a recent federal court ruling that stated he could remove the heads of independent agencies including the National Labor Relations Board.