Trump says he wouldn’t stop Fed Chair Powell if he offered to resign

0
27

WASHINGTON (Reuters) – U.S. President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Friday and said he wouldn’t try to stop the chief U.S. central banker if he offered to resign.

Trump, departing the White House to travel to the G7 summit in , told reporters, “I’m not happy with Jay Powell.”

His comments continued a war of words against Powell that, along with retaliatory tariffs imposed on U.S. goods by China, helped trigger a sharp drop on Friday in the U.S. stock market.

“I don’t think he’s doing a good job at all,” Trump told reporters as he left the White House shortly before midnight on Friday.

Article continues below Advertisement...

“I don’t think he’s much of a chess player, but I’ve got him so, you know, that’s what I have,” added the president, who earlier questioned on Twitter who was “our bigger enemy,” Powell or Chinese leader Xi Jinping.

Asked if he wanted Powell to resign, Trump replied: “Do I want him to resign? Let me put it this way, if he did I wouldn’t stop him.”

Powell was in Jackson Hole, Wyoming, on Friday for a meeting with other central bankers. He said the Fed would “act as appropriate” to keep the U.S. economy healthy in a deteriorating global economy but stopped short of committing to a series of rate cuts sought by Trump.

Faced with growing risks to the economy, the Fed cut rates for the first time in more than a decade last month, and markets overwhelmingly expect the central bank to deliver another cut at its September policy review.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, ) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the , it is one of the riskiest investment forms possible.

Source: Investing.com