White House, federal reserve and Powell
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Bessent told the president that ousting Jerome Powell entailed risks, including possible effects on the economy and potential legal and political obstacles.
Amid a fresh set of attacks on Fed Chair Jerome Powell came reports that President Donald Trump might fire the central banker. Increasingly, Trump is frustrated with Powell for not lowering interest rates already. Consumers hoping for lower rates as well may be better off if the Fed sticks to its current plan, experts say.
President Donald Trump said Wednesday it’s “highly unlikely” that he’ll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers.
Trump and the Trump administration have increasingly turned their fire on Powell and his leadership of the central bank.