US President Donald Trump said on Thursday that he is awaiting leaving the Federal Reserve Speaker Jerome Powell to his position “impatiently”, and called on the central bank to reduce interest rates.
In a post on his social networking platform (Truth Social), Trump stressed his position on reducing borrowing costs, saying, “Powell should have reduced interest rates, such as (the European Central Bank), for a long time, but he must definitely reduce them now.”
Trump stated in his post that Powell “is always late and wrong”, and criticized the comments made by Powell on Wednesday, describing it as “another complete and usual chaos!”
The standard interest rate of the Federal Reserve is currently at 4.25%-4.50%, which is the same level since December after several discounts in interest rates late last year.
Trump threatened to try to dismiss Powell, as he does with members of other independent political bodies in a move currently before the US Supreme Court.
Powell said that the Federal Reserve is closely monitoring the issue, but he does not believe that any decision will apply to the central bank, whose credibility in managing monetary policy is important not only for the American economy, but in the global markets that follow its decisions.
