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President-elect Donald Trump has shut down speculation about removing Jerome Powell from his position as Federal Reserve Chair. These speculations come from him saying during campaign that he would take over the central bank and be in charge of the economy himself. But now, in an interview on NBC’s Meet the Press, Trump said, “Fire him? No, I don’t see it.” “I think if I told him to, he would,” the president added. “But if I asked him to, he probably wouldn’t.” Sounds like he knows his man all too well. He did appoint him, after all. And Powell has made it clear that he’s not going anywhere. Days after Trump’s victory, the Fed chair reaffirmed the central bank’s independence, telling reporters he wouldn’t step aside if asked and that the president doesn’t have the authority to fire him or other senior Fed leaders. Trump’s take on Powell and monetary policy Trump’s views on the Federal Reserve have always been controversial. He genuinely believes that the president should have more influence over monetary policy. In an October interview with Bloomberg, Trump said, “I think I have the right to say, ‘I think you should go up or down a little bit.’ I don’t think I should be allowed to order it, but I think I should be able to comment.” He didn’t stop there. Trump ridiculed Powell’s job, calling it “the greatest job in government.” In his words, “You show up to the office once a month, and you say, ‘Let’s see, flip a coin.’” It’s no secret that Trump’s frustration with Powell stems from the Federal Reserve’s interest rate hikes during his first term, which Trump believed slowed economic growth. Back in 2018, Trump even considered firing Powell but didn’t follow through. Legal scholars pointed out that removing a…

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Filed under: News - @ December 8, 2024 11:55 pm