Trump Urges Powell to Lower Interest Rates, Reaffirms Support
(MENAFN) President Donald Trump reiterated on Tuesday that he has no plans to remove Federal Reserve Chairman Jerome Powell, although he continued to pressure Powell to cut interest rates.
"I have no intention of firing him," Trump said during a session with reporters in the Oval Office. “I would like to see him be a little more active in terms of his idea to lower interest rates.”
Trump called the current moment a “perfect time” for a rate cut, emphasizing that while such a move wouldn’t be a necessity, it would benefit the economy.
"If he doesn’t, is it the end? No, it’s not. But it would be good timing," he added.
The president pointed to recent declines in prices, especially for energy and groceries, as reasons for advocating a rate reduction.
"The only thing that hasn’t come down – but hasn’t gone up much – is interest rates, and we think the Fed should lower the rate," Trump explained. "We would like to see our chairman be early or on time, as opposed to late.
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