Summary
- President Trump stated there are no plans to dismiss Fed Chair Jerome Powell.
- President Trump reiterated the need for an interest rate cut.
- President Trump said he expects explosive growth of the market and U.S. economy if there is an interest rate cut.
According to Bloomberg on the 12th (local time), U.S. President Donald Trump stated that he does not plan to dismiss Jerome Powell, Chair of the Fed. However, he again stressed the need for an interest rate cut.
At a White House event, President Trump said, "Fake news is making a fuss, saying 'If Powell is fired, something very bad will happen.' I don't know why it would be bad, but I am not going to fire him."
He continued, "If he cuts rates, the market will revive and the U.S. economy will grow explosively. I hope Chair Powell lowers rates," he added.
Previously, President Trump mentioned that he would soon announce a nominee for the next Fed chair.
JH Kim
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