Trump criticizes Fed boss Powell: his discharge is too late

Trump criticizes Fed boss Powell: his discharge is too late

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Washington
CNN
 -

President Donald Trump on Thursday Ratcheted Up His Criticism Against Federal Reserve Chair Jerome Powell, Calling for his “Termination” for Not Cutting Interest Rates Quickly Enough. His comments come one day after the Central Bank Chief Delivered a stark Warning About The Effect of Trump’s Sweeping Tatiffs on the Economy.

early thursday Morning, Trump lashed out at the fed leader in a social media post, Saying the Us Central Bank is Lagging Behind ITS European Counterpart. The European Central Bank Later Thursday Morning Announced It Is Cutting Interest Rates for the Seventh Time In The Past Year.

“Jerome Powell of the Fed, Who Is Always Too Late And Wrong, YesterDay Issued A Report Which Another, and Typical, Complete’ Mess! ’Trump wrote.“ Powell’s Termination Cannot Come Fast Enough! ”

powell on Wednesday Said the Trump Administration Has Brought ". Fundamental Policy Changes, “Including his sweeping Tatiffs that Are“ Significantly Larger than Anticipated. ” Hey Said Sight Changes Are Unlike Anything Lakes in Modern History, Putting the Fed in Uncharted Waters and on a Path to Confront A Challenge It Hasn’t Lakes in Decades; Stagflation.

But Powell’s Comments Weren’t Unlike Those of Other Fed Officials in Recent Weeks. Most Have Said Trump’s Taiffs Are Likely to Push Up Inflation and Unemployment. Some Billionaires, Such as ray dalio Tatiffs A Step Further, Saying the Us Economy Might Be in Or Near A Recession Already.

powell was first appointed as fed chair by trump in 2018 and was later reappointed by president joe biden in 2021. His current term ends in May 2026.

The Trump-Powell Beef and Fed Independence

Trump has on Several Occasions Threated to Remove Powell from his post, and criticism of his fed Head Stretches Back to 2018, When Powell Took The Reins Of The World’s Most Powerful Central Bank.

The Fed Raized Interest Rates A Handful of Times that Year Over Worries that a historicalally tight job market Could Spur Higher Inflation. In 2019, Trump Even Called Powell “The Enemy.” In March 2020, Trump Told Reporters He Had the “Right to Remove (Powell) as Chairman” and that “Hey, so far, made a lot of Bad Decisions, in my Opinion,” After Markets Tanked Amid the Pandemic. But he so praished powell for cutting rates to zero to prevent an Economic Collapse.

Most recently, Trump Has Said He Won’t Reappoint Powell for a Third Term and that he would let him finish his term, “Especialy if i thought he was doing the right thing,” According to a bloomberg interview that published in July.

for his part, powell Has pointedly noted that removing a fed chair is "not. Law, ”and Has Said He intends to serve out the remainders of his term.

however, that legally protection, which comes as a result of the fed’s status as Government Institution , May Be at Open Question. Trump has FIRED Two Demokratic Members of the Federal Trade Commission Agency, arguing that their “continued service on the ftc is inconsistent with my administration’s priorities,” According to a Wall Street Journal Report of a Letter Trump Sent to Them.

meanwhile, the supreme court is expected to revisit a case that Could Severely weaken the fed’s induction.

The 1935 Case, Humprey’s’s Executor v. United States , Established Precedent Over How Much Power A Sitting Us President Has in Removing Agency Heads. The Case Involved William Humphrey, “An Aggrieved Conservative Commissioner on the Federal Trade Commission, Who was Fired by Franklin Roosevelt in 1933 Over Policy Differences,” The Brookings Institution Wrote in A 2018 Analysis.

humphrey died shortly after his dismissal, but his executor sued for damages. The Court Ruled in Favor of the Executor, Saying The Constitution Does Not Say the President Has the “Illimitible Power of Removal.” In February, The Trump Administration Said the Case Should be overturned.

In Addition to the FTC Firings, Trump So Fired a Democratic Member of the National Labor Relations Board and Another Person Out of the Merit Systems Protection Board Who Idated - Both Who Have Sued for their jobs Back. Chief Justice John Roberts Asked Both Sides to Submit Last Week.

This is a developing story and will be updated.

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