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Big News: Is the Fed Chair Out? Trump Says Powell ‘Leaves Very Soon’

Published by
Zameer Attar and Anjali Belgaumkar

U.S. President Donald Trump has recently hinted that Federal Reserve Chair Jerome Powell might soon bid farewell. Trump said that a rate cut could make the US markets more attractive to buyers, while Powell believes in a steady market. However, despite all the internal feuds, Trump added he will miss Powell when he leaves.

Is Jerome Powell Leaving As Fed Chair?

During a recent tour through the Fed’s ongoing renovation project, President Trump said it is highly unlikely to terminate Powell, unless he has to leave for fraud. However, that statement seems to have changed completely, as in a recent interview in Scotland, Trump said Powell is leaving very soon. 

Trump said that Powell should cut the interest rate as “A smart person would cut.” He added, “You know he leaves very soon. So, it’s like one of those things. But I’ll miss him greatly. I’ll miss him.” 

The move is followed by the unchanged rate cuts, as it negatively impacts the US housing market. During the renovation tour, Trump clarified that the interest rates have to come down, but Powell fears that the labor market will worsen with the lower interest rates. 

Unchanged Interest Rates Impact on the US Market

President Trump said, “You know, in Europe, they have 11 cuts. In other places, they had 10 or 11 cuts, and we had none. But I’m not going to say anything bad. You know we’re doing well, even without the rate cut.”

“With a rate cut, it would be better. It affects our housing a little bit. We should be three points lower. Each point is $360 billion. Can you imagine that? That’s a big number. Each point, one point of cut, is the equivalent of $360 billion in savings. You know those are big numbers in the US,” he added.

The fate of the interest rates will be decided on Wednesday, July 30, in the Federal Open Market Committee (FOMC) meeting. 

FAQs

Is Jerome Powell leaving as Fed Chair?

President Trump hinted Powell may leave “very soon,” but no official announcement has been made. The decision could impact markets.

Why does Trump want Powell to cut interest rates?

Trump believes rate cuts would boost markets, housing, and save billions, while Powell fears it could weaken the labor market.

What’s the impact of unchanged interest rates?

No rate cuts may slow housing growth, while Europe’s cuts make US markets less competitive globally.

Zameer Attar and Anjali Belgaumkar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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