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.
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.
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.
President Trump hinted Powell may leave “very soon,” but no official announcement has been made. The decision could impact markets.
Trump believes rate cuts would boost markets, housing, and save billions, while Powell fears it could weaken the labor market.
No rate cuts may slow housing growth, while Europe’s cuts make US markets less competitive globally.
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