President Trump has long expressed disdain for Fed Chair Jerome Powell, whose term is set to expire in May 2026. On Wednesday, Trump called out Powell once more at the U.S.-Saudi Investment Forum.
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“He should be fired. Guy’s grossly incompetent,” Trump said. “And he should be sued for spending $4 billion to build a little building,” a reference to the Fed’s pricey renovation of its headquarters in Washington, D.C.
Rate Cut Odds Drop as BLS Cancels October’s Jobs Report
Trump added that “rates are too high,” threatening to fire Powell if he doesn’t “get it fixed fast.” Unfortunately for Trump, the odds of a rate cut at the December 9-10 Federal Open Market Committee (FOMC) meeting have plummeted in recent days, sitting at 35.6% compared to 62.9% a week ago on CME’s FedWatch tool.
The odds took a hit after the Bureau of Labor Statistics (BLS) announced that it wouldn’t publish October’s jobs report, adding that November’s report would be published after the FOMC meeting, on December 16.
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