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Trump: May Change Mind on Firing Powell Over Interest Rates
Summary: In a recent post on social media platform Truth, Trump once again criticized Federal Reserve Chairman Powell, suggesting that the best way he can contribute to the U.S. is by decisively lowering interest rates. Trump stated that if Powell could cut rates by one to two basis points, it could save the U.S. up to ...
In a recent post on social media platform Truth, Trump once again criticized Federal Reserve Chairman Powell, suggesting that the best way he can contribute to the U.S. is by decisively lowering interest rates. Trump stated that if Powell could cut rates by one to two basis points, it could save the U.S. up to $1 trillion annually. Despite his strong criticism potentially making it harder for Powell to lower rates, Trump claimed he has tried all diplomatic means to persuade him without success. Trump dismissed concerns of future inflation risks, stating that there is currently no inflation and any future inflation could be addressed by raising rates at that time.
Trump expressed confusion as to why the Federal Reserve Board has not replaced Powell, calling him a complete idiot. He hinted at the possibility of changing his mind on firing Powell over the interest rate issue, but noted that Powell's term is coming to an end soon.
