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Trump has no plans to fire Fed Chair Powell ‘at the present time,’ Larry Kudlow says

© Manuel Balce Ceneta/AP Federal Reserve Chairman Jerome Powell speaks during a June 19, 2019, news conference following a two-day Federal Open Market Committee meeting in Washington. President Trump has repeatedly urged the Fed to cut interest rates. (Manuel Balce Ceneta/AP Photo).

Embattled Federal Reserve Chair Jerome H. Powell’s job is safe — for now.

President Trump’s top economic adviser was asked Tuesday whether Powell’s position is protected.

“There is no effort to remove him. I will say that unequivocally at the present time. Yes, he’s safe,” Larry Kudlow said at a CNBC Capital Exchange event. “To be very clear, there are no plans presently to change Mr. Powell’s job or any of that sort of thing.”

Trump has been saying for months that the Fed should cut interest rates, a move that probably would boost the economy and the stock market ahead of the 2020 election. Powell has not done that, and the president has gone as far as suggesting he might remove Powell as Fed chair. But White House officials continue to say there are no immediate plans to act.

The Fed is supposed to be independent of politics, meaning its leaders should make the best decisions for the U.S. economy in the long term, not what’s ideal for short-term political wins. Fed chairs are nominated by the president and confirmed by the Senate for four-year terms. Trump handpicked Powell for the job but has since expressed some regret about his choice.

The Washington Post

10th July 2019

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