Trump’s team found removing Powell would be highly questionable
Further to earlier news, where Trump was asked if he wanted to demote Fed chair Powell, he and said, 'Let’s see what he does,' there is chat that he went as far as asking White House lawyers for options on removing Powell.
- Trump’s team found removing Powell would be highly questionable.
In a follow up article, Bloomberg has reported that former Fed Vice Chair Stanley Fischer warned that U.S. President Donald Trump’s pressure for interest-rate cuts threatens the independence of the Federal Reserve.
"Speaking at the European Central Bank Forum in Sintra, Portugal, Fischer said the U.S. economy “is doing reasonably well, but you wouldn’t know that if you listen to the president of the United States.” He said lower borrowing costs would boost employment -- in an already strong labor market -- but at the cost of a mortal blow to the U.S. central bank.
“It would destroy the independence of the Fed,” Fischer, who left in 2017, said during a panel discussion with ECB President Mario Draghi and Bank of England Governor Mark Carney. “It’s not something that should be done.”"
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
