Trump steps up attacks on Fed’s independence amid interest rates row
Donald Trump called on top Federal Reserve officials to seize control from its chair, Jerome Powell, if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank’s independence,The US president called Powell “a stubborn MORON” in a series of critical social media posts on Friday, days after the Fed held rates steady for the fifth consecutive time,It comes as Trump faces heightened questions over the impact of his aggressive economic policy, and the White House presses forward with plans for a fresh wave of tariffs next week,Hours before the federal government released data which underlined a significant deterioration in the jobs market, Trump again broke with precedent to pin blame on the Fed – and urge it to change course,“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW,” Trump wrote on Truth Social, his social network.
“IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”The Fed chair does not unilaterally set interest rates, which are decided by its rate-setting Federal Open Market Committee.Presidents typically respect its independence, leaving the central bank to make an objective decision – without political interference – about the best policy on interest rates for the US economy.“Too Little, Too Late.Jerome ‘Too Late’ Powell is a disaster,” Trump wrote, minutes after Friday’s lackluster jobs report.“DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!”Powell has repeatedly argued that the best approach for the Fed right now is to wait and see the impact of Trump’s aggressive tariff strategy before cutting rates.
But Trump has increasingly used the Powell, whom he appointed during his first term, as something of a piñata – repeatedly accusing him of damaging the US economy.Two members of the Fed’s rate-setting committee dissented from its other policymakers’ call to hold rates steady this week, and – to the president’s delight – published their reasons on Friday.“STRONG DISSENTS ON FED BOARD,” Trump wrote, claiming: “IT WILL ONLY GET STRONGER!”By Friday evening, however, Trump’s tone appeared to have changed as he told Newsmax during an interview that Powell will “most likely” stay in his position.Trump said he would remove Powell “in a heartbeat” and said the Fed’s interest rate was too high but added that others have said Powell’s removal would “disturb the market”.“He gets out in seven or eight months and I’ll put somebody else in,” Trump said.
On Friday afternoon, another member of the committee abruptly resigned.Adriana D Kugler, whose term was set to expire in January, announced she would step down next week.She did not provide a reason for the move, and will return to Georgetown University as a professor in the fall.“I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market,” Kugler said in a statement.Her resignation creates a vacancy for the White House to fill.
Reuters contributed reporting
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