President Donald Trump’s frustration with the Federal Reserve Board’s decision to maintain the status quo with its benchmark interest rate is leading him to accelerate the timeline for announcing a replacement for Jerome Powell, whose term as the board’s chair ends in May.
Trump has repeatedly urged Powell to cut interest rates. Ahead of Powell’s testimony this week in front of House and Senate committees, he reportedly said he hopes lawmakers work “this very dumb, hardheaded person over” and insisted the U.S. would save billions of dollars if the interest rate were 2 to 3 points lower that its current 4.25% to 4.5% rate.
President Donald Trump’s frustration with the Federal Reserve Board’s decision to maintain the status quo with its benchmark interest rate is leading him to accelerate the timeline for announcing a replacement for Jerome Powell, whose term as the board’s chair ends in May.
Trump in recent weeks has toyed with the idea of selecting and announcing Powell’s replacement by September or October, The Wall Street Journal reported Wednesday, citing people familiar with the matter. One of those people said the president’s frustration with Powell could prompt an earlier announcement sometime this summer.
Click this link for the original source of this article.
Author: Faith Novak
This content is courtesy of, and owned and copyrighted by, https://www.offthepress.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
