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Trump Warns, "Powell Would Have Been Out of Office by Now," Bostic Says President Can Influence the Fed
BlockBeats News, February 5th, U.S. President Trump stated that if Kevin Warsh had expressed a willingness to raise interest rates, he would not have chosen Warsh as his nominee for Federal Reserve Chair.
“If he came in and said, ‘I want to raise rates,’ he wouldn’t have this job, absolutely he wouldn’t,” Trump said in an interview with NBC News on Wednesday.
He stated that there is “no question” that the Fed will cut rates because “our rates are too high,” but now “we are a rich country again.” When asked if Warsh understood that Trump wanted him to lower the benchmark interest rate, the president responded, “I think he understands, but I think he wanted to do anyway.”
Furthermore, Trump is currently trying to legally dismiss Fed Governor Lael Brainard for alleged involvement in mortgage fraud, a case currently being reviewed by the Supreme Court. Treasury Secretary Mnuchin stated in a House Financial Services Committee hearing that he believes the Fed is an independent institution, but the president has the right to intervene in Fed decisions.
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