Posted on 04/22/2025 3:54:40 PM PDT by Miami Rebel
President Donald Trump on Tuesday said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term leading the U.S. central bank ends next year.
“None whatsoever,” Trump said in the Oval Office when asked to clarify that he did not seek Powell’s removal. “Never did.”
The comment represents a dramatic shift for Trump, who has recently ramped up his rhetoric against Powell and declined to rule out the possibility of taking the unprecedented step of firing him.
U.S. stock futures rose sharply across major indexes following Trump’s latest remarks.
Trump, who has heaped pressure on the Fed chair to cut interest rates in hopes of goosing economic growth, said last week of Powell, “If I want him out of there, he’ll be out real fast.”
White House economic advisor Kevin Hassett said Friday that Trump and his aides were actively studying the possibility of firing Powell.
Powell, whom Trump appointed during his first term as president, is set to serve as Fed chair until May 2026. He has flatly stated that the president cannot remove him under the law.
Trump on Monday fired off his most incendiary criticism of Powell yet, calling him a “major loser” and urging him to lower rates immediately.
But when asked on Tuesday afternoon about the prospect of firing Powell, Trump said, “the press runs away with things.”
I hope Trump gives the Feds a massive DOGE enema. A complete audit of the Feds. Show us everything.
Trump can't fire the Fed Chairman, just like he can't fire a Supreme Court Justice.
Trump can’t do anything. The judiciary is the President now.
“Trump can’t fire the Fed Chairman, just like he can’t fire a Supreme Court Justice.”
If it’s impossible why are people acting as if Trump said he was going to fire him? Because legacy media alleged it?
Jerome Powell in 2020:
“We print money digitally. So we as a central bank, we have the ability to create money digitally & we do that buying treasury bills or bonds.
We also print actual currency & we distribute that through the Federal Reserve Banks.”pic.twitter.com/9uAzyOVc6A— Juan Hodl (@JuanGutiCA714) March 3, 2024
Note: Carter disagreed with Volcker, as Trump does with Powell, but he never said, “termination cannot come fast enough,” nor did his National Economic Council Director ever say that “The president and his team will continue to study [firing the Fed chair],” as Hassert did.
From Derrick Jones’ “Volcker: A Comparison of Service between Two Presidencies,” Oklahoma University
President Carter had chosen Volcker, despite the warnings from numerous advisers. They worried that putting someone so fiercely independent in control of the Fed was a bad idea,
especially so close to an election year. Carter picked Volcker anyway, showing disregard for politics in favor of what he saw as the best choice for the country.
The two men had a decent relationship until Carter realized just how detrimental Volcker’s policy was to his election campaign. On October 2, 1980, a month before the presidential election Jimmy Carter seemed to have a change of heart concerning Volcker’s steering of the economy. He spoke out against Volcker, saying the Federal Reserve put “too much of their eggs in the money supply basket.” This dramatic change in opinion came on the heels of a one-percentage point increase in the discount rate, which is the interest rate that commercial banks must pay to borrow money from the Federal Reserve When the interest rate goes up the money supply shrinks as banks borrow less. Tightening the money supply will never be popular; however, Volcker had to do what was best for the economy and not repeat Burn’s mistakes of the past. About raising the discount rate at such an inopportune time for Carter, Volcker said, “It was among the most difficult things I’ve done in my professional life. Jimmy Carter had appointed me, and I voted for him again in 1976, and would do so again in the upcoming election. But no matter what I thought or felt, there was no choice other than to increase the discount rate. I had a job to do.” As Carter’s advisers had warned, the independent and determined Volcker had inadvertently helped Reagan crush Carter in the election of 1980.
When the President says that Powell’s termination* cannot come fast enough, that’s on him, not the legacy media.
*Termination = firing
“ Presidents were deliberately never given the power to fire the Fed Chair.”
My understanding as well. But evidently some info was floating that Trump was looking for a back door way to do it.
The markets were uneasy with that.
Trump said the right thing today.
“The Federal Reserve Office of Supervision is not a specific office, but rather a function within the Federal Reserve Board, specifically the Division of Supervision and Regulation.”
The Vice-chair for Supervision gets a grand total of zero votes on Fed policy. Policy is set by the Federal Open Market Committee, which is headed by the Chair of the Federal Reserve of the United States and consists of 12 governors and reserve bank presidents.
Is this why markets are ripping right now? If so “investors” are not very smart.
No, Trump did not. Trump is pressing him to drop the rates. Just knowing Trump is enough to make a lot of money. When fake news crashes to markets, buy.
Do you have link to a video of Trump saying that?
I have been buying through the lows.
How much do they pay you to influence ( troll ) here?
No. 2 - Volcker's rate rise did not doom Carter's reelection. It was a symptom of the problem, not a cause. And by October 2nd it was already too late.
But there is a good reason the president can't just fire a fed chair.
Why would Trump want to bring inflation back?
It’ll people need to keep three things in mind.
Consider the source.
Trust but verify.
And a quote...
“A truth that’s told with bad intent, Beats all the lies you can invent.”
Sheesh, people.
Doesn't translate to "I'm firing him".
Yep, more contradiction and lack of consistency and discipline on messaging.
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