President Donald Trump discusses the ‘large, beautiful bill’, which reduces interest rates and the alleged cognitive decline in scandal in which former President Joe Biden is involved in ‘Sunday Morning Futures’.
President Donald Trump said he would welcome everyone, except for the Federal Reserve chairman Jerome Powell to lower the interest rates, because the US is confronted with the refinancing of about $ 9 trillion on debts.
Trump said he would refinance the $ 9 trillion as a short -term debt because “we have a stupid person” in the Federal Reserve.
The president explained his wish to the Federal Reserve to lower the interest rates, so that the US does not have to pay for 10 years of debts at a higher rate.
Trump Eyes Cabinet Member to replace ‘Mr Too Late’ Powell with the FED: Report
President Donald Trump hit the Federal Reserve chairman Jerome Powell and called him ‘Dom’. (Getty Images / Photo Illustration / Getty Images)
“Then we will get someone in the Fed who can lower [the rates]”Trump said and noticed that the rates should be at 1 or 2%.” You know, if you look at Switzerland, they are now the lowest. They are at much less than one point, and to be honest, we must also be there, because … without the United States the whole world does not work. “
Bartiromo then aimed the president’s attention to a possible replacement for Powell, who is less than a year in his term of office as a federal chairman, because his term ends in May 2026.
Trump nominated Powell to the role in 2017, although the president indicated that he will not nominate the chairman for a different period. Trump recently gave Powell the nickname ‘Mr. Too Late ‘, in the midst of his efforts to lobby the Fed to lower the interest rates.
Trump has suggested that he could mention Powell’s successor in the near future, well before the end of Powell’s term.
Vance reflects Trump’s call to reduce Fed’s Powell to lower the interest rates: ‘monetary malpractice’
Federal Reserve chairman Jerome Powell responds to a question during a discussion on stage during a meeting of the Washington economic club, in the Renaissance Hotel in Washington, DC (Reuters/Amanda Andrade-Rhoades/File Photo/Reuters photos)
Treasury Secretary Scott Bessent is one of the leading contenders for the role, Bloomberg News reported, who quoted people who are familiar with the issue, although the outlet noted that the administration did not start formal interviews.
Another competition is a former Fed officer Kevin Warssh, who took Trump into consideration for the role of the Treasury Secretary before choosing to appoint bessent, Bloomberg reported.
During Bartiromo’s interview with Trump, the host noted that Trump had plagued a few names and that he had a few people in mind to succeed Powell.
“They will all be good,” Trump said before the host asked if his decision not to name none was made to put more pressure on Powell.
At the Powell of Fed, Trump is insisting on reducing the interest rates on a full percentage: “Rocket Fuel!”
Kevin Warssh, former Governor of the American Federal Reserve, speaks during the annual conference of the American Economic Association (AEA) in Chicago in 2017. (Daniel Acker / Bloomberg via Getty Images / Getty images)
Trump said that reporters had asked him if he had other names.
“I say,” Yes, I do that. Everyone except Powell, “said the president.
He also said that reporters would ask if “Kevin” was a competition.
“Kevin is very talented, but I don’t know if it will be him. But he is a very talented man,” said Trump. “He wouldn’t do what Powell is.”
Trump closed Powell last week for not lowering the interest rates, as the Federal Reserve chairman testified for a senate panel.
“He thinks he is terrible,” Trump said in response to a question from a reporter during a press conference at NATO top in The Hague, the Netherlands.
Goldman Sachs says that the Central Bank undermines independence economic consequences
A pedestrian passes the Federal Reserve building of Marriner S. Eccles in Washington, DC, on Saturday 3 June 2023. (Nathan Howard / Bloomberg / Getty images)
Trump repeated his criticism of Powell to keep the interest rates too high, and said that the country should pay more for debts.
Trump had previously focused on Tuesday for his testimony for the House Financial Services Committee.
“I hope that the congress really works this very stupid, stubborn person, more than. We will pay for many more years for his incompetence. The board has to activate. Make America great again!” The president said in a position about truth social.
During his testimony on Tuesday, Powell said that the economy is in a “solid position”, since the Central Bank monitors the inflation and labor market data for signs that it must adjust monetary policy.
The FED has reducing interest rates because of the uncertainty about trade policy, because Trump has imposed rates on US trading partners. Rates are input taxes that are generally paid by the importer, who often pass on some or all those extra costs to consumers.
Get Fox Business on the Go by clicking here
“We expect that the tariff inflation will appear more, but I want to be honest, we really don’t know how much of it will be passed on by the consumer. We will just not know, and we will not know until we see it. It may be lower than we expected, it can be higher. We have to wait and see what we do,” Powell said.
The three interest rates of the FED last year-included the 50-Base-Point reduction in September, as well as the two 25-Basiss-Point cuts in November and December-Werden discussed as a legislator early whether the conditions are now comparable and can lead to a tariff reduction.
