U.S. President Trump told the media on the presidential plane "Air Force One" on the 6th that the decision of the next presidential chairman of the US Federal Reserve will be announced soon. When asked about the popular candidate and former Fed director Kevin WashWhen he was asked about the popular candidate and former Fed director Kevin Wash, Trump said he received high praise.
Trump criticized the current Federal Reserve Chairman Powell again on social media on the 6th, saying that Powell was causing losses to the country's wealth and urged the Federal Reserve to cut interest rates by one percentage point.
Powell was nominated as Chairman of the Federal Reserve during Trump's first presidency. He officially took office in February 2018 and was re-elected during former President Biden's administration in May 2022, and his term of office was until May 2026.
According to relevant laws and regulations, the US president must obtain approval from the Senate after nominates the candidate for the Federal Reserve Chairman.
Trump criticized Powell many times this year and threatened to remove him from his position as Fed Chairman. Powell said Trump, as president, has no legal authority to remove him from office and will work until the end of his term.
In an interview with the media, political intervention may make it more difficult for the Federal Reserve to cut interest rates. Central bank independence is important because it can make U.S. inflation expectations more stable. (Source: CCTV News)
