United States President Donald Trump said on Tuesday that Federal Reserve President Jerome Powell acts with “political motivation,” but will leave office in eight months.
“I think he has done a bad job, but anyway, he will leave soon. In eight months, he will leave,” Trump told reporters during a White House meeting with the Philippine President, Ferdinand Marcos Jr., reported by Reuters.
It is unclear why the president has given this deadline: Powell’s mandate runs until May 15, and the eight -month period mentioned by Trump would go until mid -March. The president of the Fed has reaffirmed that he will fulfill his mandate to the end.
“Our economy is so strong now, surpassing everything. We are hitting records,” Trump said on Tuesday. “But do you know one thing? People can’t buy a house because this guy [Powell] It’s an idiot. He keeps interest rates very high and probably does it for political reasons. ”
Financial market experts project that the basic US interest rate will be maintained in the current range of 4.25% to 4.50% at the next week’s Fed Meeting.
Before Tuesday’s statements, Trump was already pressuring Powell and at a meeting in May with the Fed President told him that the institution’s decision not to lower the interest rate is a “error.” The Republican considered dismissing Powell, but then disconcerted about it.
