Breaking News: President Trump Demands Jerome Powell’s Immediate Resignation Over Fed Interest Rates
Washington, Jul 2 (EFE) .- In a surprising turn of events, President Donald Trump has demanded the immediate resignation of Federal Reserve Chairman Jerome Powell. This latest attack on the Fed chief comes as Trump continues to press for interest rate cuts, which he believes are hindering economic growth.
Trump’s Criticism and Powell’s Response
Trump, known for his active presence on social media, published a scathing tweet on Wednesday: “The Tardón (a nickname for Powell) should give up immediately!” This message was accompanied by a link to a Bloomberg news article that highlights criticisms from the director of the Federal Housing Financing Agency, Bill Abundo, who suggests Congress should investigate Powell for allegedly lying during his recent Senate testimony.
Powell, who has maintained that Fed decisions are based on economic and non-political analysis, stated on Tuesday that the impact of the White House’s announced tariffs has not yet been felt. He also hinted at potential interest rate cuts in July.
Background and Historical Context
Jerome Powell was appointed by Trump in 2018 and retained his position during President Joe Biden’s term, with his current mandate set to expire in May 2026. Trump’s persistent criticism of the Fed and its policies is not unprecedented; presidents have often clashed with the central bank over monetary policy.
Expert Insights and Future Implications
Economists and financial analysts are closely monitoring the situation. While some argue that Trump’s demands could destabilize the independence of the Fed, others believe that the central bank’s policies should be more accommodating to support economic growth. The ongoing debate underscores the delicate balance between political pressure and economic stability.
For those interested in understanding the broader implications of this news, it’s crucial to keep an eye on future developments. The Federal Reserve’s independence is a cornerstone of U.S. monetary policy, and any perceived interference could have lasting effects on the economy.
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