Trump, Powell and Fed building
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6hon MSN
President Donald Trump’s pressure campaign against the Federal Reserve and Chair Jerome Powell to lower interest rates entered a new front this week
A dispute over the Federal Reserve’s renovation of its headquarters could provide the pretext to attempt the removal of Fed chief Jerome Powell over interest-rate disagreements.
Fox News senior White House correspondent Peter Doocy reports on President Donald Trump’s stance on Russia-Ukraine conflict, Federal Reserve Chair Jerome Powell’s overspending and more on ‘Special Report.
19hon MSN
White House budget director Russell Vought said in a social media post that Jerome Powell 'has grossly mismanaged the Fed' as he published a letter sent to the central bank chairman raising concerns about renovations of the institution's Washington offices.
The president’s attacks on the independence of the Federal Reserve could further harm the dollar’s status as the preeminent international reserve currency, making credit dearer rather than cheaper.
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Trump administration official Bill Pulte released a statement suggesting that Fed Chair Jerome Powell is considering resigning amid mounting pressure on his leadership.
President Donald Trump has frequently voiced dissatisfaction with the Fed’s “wait-and-see" approach to lowering interest rates under Powell.
William Pulte, Chairman of the Board of Fannie Mae and Freddie Mac, said on July 11, “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”
13hon MSN
Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.
A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.
Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.
A senior Trump administration official said Friday that Fed Chair Jerome Powell is “considering resigning” as pressure grows for an investigation into whether he lied to Congress about the central bank’s “Palace of Versailles” renovations to its headquarters in Washington, DC.