President Trump broke new ground in his ongoing calls for Fed Chair Jerome Powell to cut interest rates — the president sent a signed note to the Fed chair.
In a post on Truth Social, the social network owned by Trump, the president again called for Powell and the Federal Reserve to cut interest rates, writing that Powell and the Fed’s Board of Governors “should be ashamed of themselves for allowing this to happen to the United States.”
Trump added that the Fed should cut rates to 1%. Earlier this month, the Fed kept its benchmark interest rate in a range of 4.25%-4.5%.
Trump’s post included a signed picture of global central bank interest rates that showed the nearly three dozen global central banks that have set benchmark rates below the Fed.
White House press secretary Karoline Leavitt confirmed in a press conference Monday that this signed table was sent to Powell.
Trump’s latest barbs at Powell come as speculation over who will replace Powell as Fed chair next year continues to heat up.
During an interview on Bloomberg earlier on Monday, Treasury Secretary Scott Bessent suggested there are people already at the Fed being considered to take Powell’s role as chair.
Bessent added that there are other strategies Trump could pursue, such as filling the open seat on the Fed’s Board of Governors, that could exert pressure on Powell before his term as chair is up next May.
As Yahoo Finance’s Jennifer Schonberger has reported, former Fed government Kevin Warsh, current Fed governor Christoper Waller, National Economic Council Director Kevin Hassett, former World Bank president David Malpass, and Bessent are candidates that have been discussed to replace Powell, according to people close to the administration.
发表回复