With unlimited money and influence, will the Fed’s Chair push the election in Biden’s favor?
President Trump says Federal Reserve Chair Jay Powell is trying to lower interest rates to help Joe Biden and Democrats get elected. DJT also says he would not reappoint Powell. see clip below 1 min 17 secs
President Trump says Federal Reserve Chair Jay Powell is trying to lower interest rates to help Joe Biden and Democrats get elected. DJT also says he would not reappoint Powell. pic.twitter.com/KCsvNpLhtf
— Eatlovepray2 (@Eatlovepray22) February 2, 2024
Former President Donald Trump has announced that if re-elected, he will not nominate Federal Reserve Chair Jerome Powell for a third term, alleging Powell’s perceived political bias and concerns over inflation. In a recent interview with Fox Business, Trump criticized Powell, accusing him of potential actions favoring the Democrats by lowering interest rates. Newsmax reported.
Federal Reserve Chair Jerome Powell will not be reappointed to a third term as head of the U.S. central bank, says former President Donald Trump. , accusing the Fed chief of being “political” and missing on inflation. – rcardone
Trump voiced his skepticism, suggesting that Powell’s decisions might be politically motivated, especially if they coincide with elections. The former president warned of potential inflation resurgence, pointing to geopolitical tensions in the Middle East that could lead to spikes in oil prices, subsequently impacting the U.S. economy. Trump expressed his concern that Powell might lower interest rates to influence electoral outcomes.
Although Trump refrained from revealing his potential nominee for the Fed chair position, he emphasized having a few choices in mind. This announcement comes as part of Trump’s ongoing criticism of Powell, whom he previously accused of being late in decision-making during his first term. In August, Trump stated that he was surprised by Powell’s reappointment, highlighting his lack of favoritism towards the Fed chair.
Former President Donald Trump said Friday if he is reelected in November, he would not appoint Jerome Powell as chairman of the Federal Reserve, reports say. MORE: https://t.co/46vr1sAkpU pic.twitter.com/JE4zW76PIN
— NEWSMAX (@NEWSMAX) February 2, 2024
Powell, initially appointed by Trump in 2017 and nominated for a second term by President Joe Biden in 2021, faced consistent criticism from Trump throughout his tenure. Trump’s dissatisfaction with Powell’s interest rate policies and decision-making processes was evident in various public statements, including calling the central bank a “stubborn child” for resisting interest rate cuts.
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Despite Trump’s criticism, Powell remained steadfast in his role, focusing on the Federal Reserve’s mandate of maintaining price stability and maximum employment. When asked about the possibility of serving a third term, Powell declined to comment, emphasizing his dedication to the ongoing tasks at hand.
Former US president and 2024 White House contender Donald Trump said he would look to replace the "political" chair of the Federal Reserve, Jerome Powell, when his term ends in 2026.https://t.co/nGqVNdNJU3
— Bilyonaryo (@bilyonaryo_ph) February 3, 2024
Trump’s opposition to Powell is not a recent development. In November 2018, just a year into Powell’s first term, Trump expressed discontent with his selection. Throughout 2019, Trump continued to criticize Powell for not implementing interest rate cuts when deemed necessary, referring to the Fed chair as a person who wanted to prove his toughness.
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President Biden, on the other hand, has been relatively silent on the Federal Reserve, respecting its independence while prodding behind the scenes instead. However, he did express a desire for the Fed to halt interest rate increases due to strong economic data. In response, Powell and the rate-setting Committee members signaled potential rate cuts in 2024 and 2025. Powell wants Biden re-elected.
Former President Donald Trump has stated that if he is elected in 2024, he intends to dismiss Fed Chair Jerome Powell. pic.twitter.com/gxq7a4XR12
— CaesarMNP (@CaesarMNP) February 3, 2024
Democratic lawmakers, including Sen. Elizabeth Warren and others, have urged the Fed to cut rates to address housing affordability concerns. They emphasized the impact of high interest rates on home purchasing costs for the average consumer. Additionally, Rep. Ro Khanna urged Powell to cut interest rates during the holiday season, warning of the potential return of Trump in the 2024 election if inflation concerns persist.
Since March 2022, the Federal Reserve has raised the benchmark Fed funds rate 11 times to combat inflation. The January policy meeting maintained interest rates between 5.25 percent and 5.50 percent. While the White House claims a successful economic “soft landing,” Powell remains cautious, stating that it would be premature to declare victory despite positive economic conditions. The ongoing debate over Powell’s potential third term raises questions about the future direction of the Federal Reserve and its role in shaping economic policy.
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Major Points Discussed:
- Former President Donald Trump announced that he would not nominate Federal Reserve Chair Jerome Powell for a third term if re-elected, citing concerns about Powell being “political” and potentially favoring Democrats by lowering interest rates.
- Trump warned of a potential inflation resurgence, linking it to geopolitical tensions in the Middle East that could lead to significant spikes in oil prices. He expressed skepticism that Powell might lower interest rates to influence elections, potentially impacting the U.S. economy.
- Trump has consistently criticized Powell throughout his tenure, expressing dissatisfaction with his decision-making processes and characterizing the Federal Reserve as a “stubborn child” for resisting interest rate cuts when deemed necessary.
- Democratic lawmakers, including Sen. Elizabeth Warren and Rep. Ro Khanna, have urged the Fed to cut interest rates to address housing affordability concerns. They argue that high interest rates have significantly increased the overall cost of home purchasing for the average consumer.
- Despite criticism, Powell and the Federal Reserve have raised the benchmark Fed funds rate 11 times since March 2022 to combat inflation. The January policy meeting maintained interest rates between 5.25 percent and 5.50 percent. While the White House claims a successful economic “soft landing,” Powell remains cautious, emphasizing that it’s premature to declare victory despite positive economic conditions.
Comments – Threads – Links
- Former President Donald Trump’s statement regarding the potential exclusion of Jerome Powell as Federal Reserve chairman if reelected highlights the intersection of political influence and monetary policy, raising concerns about the independence of the central bank from political pressures and the implications for economic stability and credibility in the long term. – king Albert
- That’s not the only person who would be unemployed – Jeffery G
- Wow, even more votes coming Trump’s way, now! – Tony J Guther
- I would be happy if he dismantled the FDA. – Katballou
- There will no longer be a fed. – marguerite phipps
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