Trump has discussed firing US Federal Reserve chairman Powell, reports Bloomberg

Federal Reserve Board Chairman Jerome Powell speaks during his news conference after a Federal Open Market Committee meeting in Washington December 19, 2018. — Reuters pic
Federal Reserve Board Chairman Jerome Powell speaks during his news conference after a Federal Open Market Committee meeting in Washington December 19, 2018. — Reuters pic

TOKYO, Dec 22 — US President Donald Trump has discussed firing Federal Reserve Chairman Jerome Powell, Bloomberg reported today, citing sources.

Trump’s frustration with the US chief intensified after this week’s interest rate increase and months of stock-market losses, the news agency said, citing four unidentified people familiar with the matter.

The president has talked privately about firing Powell many times in the past few days, it said, citing two of the people.

White House spokesmen declined to comment, as did Federal Reserve spokeswoman Michelle Smith, Bloomberg reported.



The Fed raised interest rates on Wednesday for the fourth time in 2018, and signalled “some further gradual” rate increases ahead.

Global financial markets, including stocks, had been hoping for a more dovish policy outlook and sold off broadly.

The Dow had the worst week since the 2008 financial crisis, while the Nasdaq sank into bear market territory.

Any attempt to fire Powell could be seen as undermining the central bank’s independence from the administration. — Reuters

Source: The Malay Mail Online





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