President Trump covered a lot of ground in his Fox Business interview with Maria Bartiromo, and some of that ground included taking swipes at his Federal Reserve Chair Jerome Powell. We know Trump is no fan of the chairman because in the past he has raised interest rates despite the president's objections. It got to the point where media were reporting that the president had suggested that he'd demote Powell to the Board of Governors. Trump has denied those reports, but keep reading...
Last week, the Federal Reserve decided to leave interest rates unchanged, and even suggested in its official statement that a cut may be in the foreseeable future.
"The Fed is insulated from short-term political pressures — what is often referred to as our ‘independence,’” Powell said at the Federal Open Markets Committee meeting.
But it hasn't changed the president's opinion of Powell. He ripped the chairman Wednesday morning.
Trump absolutely trashes Fed Chair Jerome Powell.— Aaron Rupar (@atrupar) June 26, 2019
"Here's a guy -- nobody ever heard of him before. And now, I made him, and he wants to show how tough he is, okay. Let him show how tough he is. He's a-- he's a-- he's not doing a good job." pic.twitter.com/SGmFI8WxNb
"He's trying to prove how tough he is," Trump said out of frustration.
The president said that while he did not threaten to demote Powell, he did note that he has "the right" to both demote and fire him.
Asked by press to respond to those kinds of charges, Powell said, "The law is clear that I have a four-year term and I fully intend to serve it.”