Trump Criticizes Fed Chair Powell, Vows Not to Reappoint Him if Elected

Former US President Donald Trump. / Yonhap News Reuters

The former President of the United States, Donald Trump, the main candidate for the Republican presidential election of the United States, has announced his intention not to reappoint the Chairman of the Federal Reserve of the United States Jerome Powell if he returns to power.

In an interview with Fox News released on the 2nd (local time), former President Trump criticized Chairman Powell, calling him a “political person.” He said, “I think he can take some steps to help the Democratic Party, such as pushing for an interest rate cut.”

He argued, “There is a possibility of large-scale inflation again because the Middle East could raise energy prices again.” He continued, “Bombs are falling all over the Middle East and ships are constantly being attacked,” and he predicted, “If that happens, oil prices could go up significantly, and there will be massive inflation following.”

He added, “If that happens, Powell won’t be able to do anything, but I expect he will try to lower interest rates to get people elected.”

Jerome Powell, Chairman of the US Federal Reserve. / Yonhap News Reuters

Powell has served as chairman since 2018 after being nominated by former President Trump. After that, President Joe Biden decided to keep Powell in office in 2022. Accordingly, his term ends in 2026.

When asked if he would reappoint Chairman Powell if elected president, former President Trump responded firmly, “No, I won’t.” He continued, “‘Inflation’ failed.”

He said nothing about the candidate to replace Powell as chairman of the Federal Reserve, saying, “I have a few choices, but I can’t say anything right now.”

President Trump also said he was responsible for the recent strong performance of the US stock market. “It’s because investors think I’ll get elected,” he said. “The stock market has been going crazy for a long time. “Things changed when I declared my candidacy and took the lead (in the primary),” he said.

He claimed, “If President Biden is elected, the United States will not survive.” He then criticized him, saying, “He’s incompetent,” and “Biden is the worst president in the history of our country, and everybody knows it.”

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