"If he's confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation's independent central bank, Trump said as the November sun shone down on him in the White House Rose Garden in 2017. Trump has long stopped praising Powell. After refusing to bow to Trump's demands for drastic interest rate cuts, he is now a moron, stupid, and incompetent, according to the president. There's something wrong with him, Trump claimed in November."
"Donald Trump and Jerome Powell at the Federal Reserve building in Washington DC on 24 July 2025. Photograph: Kent Nishimura/Reuters Powell, whose second term as Fed chair is due to expire in May, has refused to give Trump the loyalty he requires of every other leader in the executive branch. And while the president has been able to fire the vast majority of officials who he sees as disloyal, the Fed has so far proven out of his reach."
Donald Trump nominated Kevin Warsh to chair the Federal Reserve, calling for strong, sound and steady leadership. The nomination contrasts with Trump's earlier praise of Jerome Powell when Powell was previously nominated. Trump later criticized Powell harshly after Powell resisted demands for drastic interest-rate cuts, accusing him of being 'a moron, stupid, and incompetent' and expressing a desire to remove him. Powell's second term expires in May and he declined to provide political loyalty. Courts and Wall Street have defended the Fed's institutional independence. Markets responded calmly, and central banking figures such as Mark Carney welcomed the Warsh nomination.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]