President Donald Trump talks about the meeting with home republicans who agree that FED chairman Jerome Powell must be fired.
It is becoming increasingly clear that President Donald Trump has no plans to drop his printing campaign on the Federal Reserve chairman Jerome Powell about interest rates.
A fragment from “Trillion Dollar Triage” by Wall Street Journal Economic Correspondent Nick Timiraos describes the measured public reactions of Powell – and more open private reactions – to Trump’s constant threats to dismiss him.
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Powell’s dedication to the FED, amidst Trump’s Assembly criticism became visible in 2019 during a house committee for the hearing of the financial services. California Democrat Rep. Maxine WatersThat chairman of the committee asked Powell what he would do if Trump fired him.
“Mr. President, if you get a phone call from the president today or tomorrow and he said,” I dislocated. Take you in, it’s time to go, “what would you do?”
Powell replied, “Well, of course I wouldn’t do that.”
“I can’t hear you,” said Waters with an upward bent in her tone, which loaded from the room – and even from Powell.
“My answer would be ‘no’,” he said.
“And you wouldn’t pack and you wouldn’t leave?” Waters repeated.
“No, ma’am,” he replied.
“Because you think the president does not have the authority? Is that why you wouldn’t leave that? ” she asked.
“What I have said is that the law clearly gives me a period of four years, and I am fully planning to serve it,” said Powell.
Jerome Powell during a hearing from Senate Banking, Housing and Urban Affairs in Washington, DC, on June 25, 2025. (Al Drago / Bloomberg via / getty images)
According to Timiraos, Powell was more frank in Privé about his determination to continue to lead the most influential central bank in the world.
“I will never leave this job voluntarily until my tenure does not end under any circumstances. None, anyway,” said Powell. “You will not see me in the lifeboat,” he said, called a metaphor to indicate his determination to stay the course.
“It doesn’t matter to me that there would be a situation in which I would not complete my period than die,” Powell said according to Timiraos.
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The tensions between Powell and Trump have largely deteriorated about the decisions of the central bank and a broader monetary policy. Trump has instructed the Fed to lower rates, which he says it could save the nation “hundreds of billions of dollars”.
Powell has maintained the most important loan percentage of the central bank within a reach of 4.25% to 4.5%, with a wait -and -see monetary policy aimed at assessing the impact of Trump’s rate blitz.
President Donald Trump and chairman of the Federal Reserve Jerome Powell (Photo -Irustration / Getty -Images)
So far this month, Trump has announced plans to impose a rate of 30% on the entry from Mexico and all 27 countries that are part of the European Union.
These rates are on the heels of a 50% tax on copper import and products from Brazil, a rate of 35% on Canadian goods and other rates imposed on more than 20 countries. The announced rates are planned to take effect on August 1.
Trump insists on the cutbacks to increase the savings, but Fed says that the economy is strong
Trump has also criticized Powell for renovation costs overruns at the Federal Reserve head office in the foggy Bottombuurt of DC.
Powell said the legislators last month that the cost overruns are due to unexpected construction challenges and the inflation percentage of the nation.
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“There is no new marble,” Powell told the members of the Senate bank committee. “There are no special lifts. They are old lifts that have been there. There are no new water features. There are no beehives and there are no roof gardens.”
The FED, no taxpayers, finance the renovation, which is expected to cost around $ 2.5 billion.
