US Edition
Trump: Fed board should assume control if Powell won't lower interest rates
DISTRICT OF COLUMBIA, UNITED STATES, AUG 1 – Trump demands immediate rate cuts, calling inflation negligible despite Fed's 2.6% measure, and urges the board to replace Powell if he refuses, citing potential economic benefits.
- President Donald Trump called for the Federal Reserve board to assume control if Chair Jerome Powell refuses to substantially lower interest rates.
- Trump issued this call in posts on his Truth Social platform, criticizing Powell as stubborn amid the Fed holding rates steady this year at 4.33%.
- Powell has kept the benchmark rate unchanged despite inflation running at 2.6%, slightly above the Fed's 2% target, while two governors dissented favoring slight cuts.
- Trump demands a three percentage point rate cut, arguing it would boost growth and lower debt servicing costs, though experts warn such cuts could accelerate inflation.
- Powell's term ends in May 2026, when Trump can appoint a Senate-confirmed successor, leaving Fed leadership and rate policy uncertain amid political tensions.
187 Articles
187 Articles
Star-Herald
News & RecordTrump urges Fed board to usurp chair's power
WASHINGTON — President Donald Trump called for the Federal Reserve's Board of Governors on Friday to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates.
President urges board to usurp Powell's power
WASHINGTON — President Donald Trump called for the Federal Reserve's Board of Governors on Friday to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates.
In an interview, the US president stressed that he would remove Powell without a second thought, but his advisers warned him that it would cause market turmoil.
The Quad-City Times
Bismarck TribunePresident urges board to usurp Powell’s power
WASHINGTON — President Donald Trump called for the Federal Reserve’s Board of Governors on Friday to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates.
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