On Friday, President Trump was asked twice by reporters whether he would fire Fed Chair Jerome Powell. He responded “no” both times, adding that the federal funds rate should be three points lower.
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Trump has criticized Powell repeatedly in recent months for delaying interest rate cuts, even nicknaming him “Too Late.” Trump argues that rates should be lower because inflation is under control and the government would save trillions of dollars in debt payments.
Trump Accuses Powell of Costing U.S. Over $1 Trillion
“Our Fed Rate is AT LEAST 3 Points too high. ‘Too Late’ is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs. No Inflation, COMPANIES POURING INTO AMERICA,” said Trump in a Truth Social post on Wednesday.
According to prediction platform Polymarket, there is a 33% chance that Trump will not announce his pick for Fed Chair by December 31. There’s a 25% chance he’ll select White House economic advisor Kevin Hassett by then, while both former Fed Governor Kevin Warsh and Treasury Secretary Scott Bessent have a 19% chance of being picked.
Follow Trump’s social media posts and analyze their sentiment and market impact with TipRanks’ Trump Dashboard.
