Jerome Powell will be leaving his role as Fed chair next year.
Trump was asked in an interview with Politico, “Is it a litmus test that the new Fed chair lower interest rates immediately?”
The president answered, “Yes. This guy [Powell] should too. I think he’s a combination of not a smart person and doesn’t like Trump."
"The reason he doesn't like Trump is because I hit him hard, because he's doing a bad job,” the president added. “We're fighting through interest rates. Look, he's a negative. But this country is doing so well. Again, we have $18 trillion being invested. Car companies are moving back that left us years ago. AI is coming in at levels never seen before. Factories are opening up all over the country, $18 trillion of investment in the United States.”
Powell is leaving the post next year, and the president has been pushing him to cut rates in an effort to get more liquidity into the US economy. However, out of fears of inflation, Powell has yet to cut interest rates.
The president was also asked in the interview about tariff policy, and if he would consider more carve-outs for tariffs. He said that he may consider lowering tariffs on some goods as well as increasing them on others. Trump pointed to car companies establishing manufacturing in the US as evidence for success regarding his tariff policies.
The president, as well as his administration, have recently been focusing on the issue of affordability and the economy. He put the blame on Democrats for higher prices. Much of the inflation that has contributed to the higher prices at the grocery store and with many goods took place under the previous administration.
Democrats “gave us the high prices. I’m the one that’s bringing them down,” the president added in his interview with Politico.
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