Trump says he’ll fire Powell next month if he stays in his role at the Fed | CNN Business
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President Donald Trump said he will fire Federal Reserve Chair Jerome Powell if he does not step aside when his term at the helm of the central bank expires next month.

Donald Trump said he will fire Federal Reserve Chair Jerome Powell if he does not step aside when his term expires next month.

Powell’s tenure as chair expires on May 15. Trump’s pick for a replacement, Kevin Warsh, has yet to be confirmed by the Senate and the full chamber. That leaves the potential for Powell to remain in place as chair “pro tempore,” per Fed regulations.

Powell confirmed at a press briefing in March that if Warsh isn’t confirmed by the Senate by May 15, Powell would remain as Fed chair “pro tem” in the interim. “That’s what the law calls for. That’s what we’ve done on several occasions,” Powell said at the time.

    • N0t_5ure@lemmy.world
      162·
      9 days ago

      No, I’m afraid in this case he will 100% do it. See, Trump thinks that you can magically control the economy by lowering the Fed funds rate and quantitative easing (money printing), and has zero understanding of the complex interplay and limitations that the Fed deals with. Moreover, his policies are crushing the economy, and he has a midterm election to deal with in the fall, which will be the beginning of the end of his presidency if things continue as they are. In his mind, he gets rid of Powell, has his lackeys juice the economy with low rates and QE, there is a massive boom in the markets and along with his strategies rig the elections, the GOP gets the push it needs to prevail and the Trump presidency rolls on. The downside for anyone who cares to see it is that the dollar will be destroyed as the world’s reserve currency, the U.S. will suffer hyperinflation like prewar Germany, and the subsequent fix will require austerity measures that will lead to depression that will make the one in the 1930s look quaint (I’m calling it “The Greatest Depression”), worldwide economic output will be crushed, WWIII will come into full swing with the U.S. the weakest it’s been in my lifetime, and in all likelihood, China will rise to the top of the world order and the yuan will be the world’s reserve currency. Mark my word, we will see gold top $8K this year, and might reach as high as $20K. There is a reason I expanded my exposure to to the gold market and put everything I had left into a 2X gold ETF back in June of 2024 when it became clear to me that Trump would likely win a second term. We’re definitely living in interesting times.