Connect with us

Economics

Trump says he would let Fed’s Powell finish term if he wins: report

Published

3 months ago

on

Republican presidential nominee and former U.S. President Donald Trump raises his fist during Day 1 of the Republican National Convention (RNC) at the Fiserv Forum in Milwaukee, Wisconsin, U.S., July 15, 2024. 

Elizabeth Frantz | Reuters

Donald Trump will allow Federal Reserve Chair Jerome Powell to complete his term at the central bank if he won the November election, the Republican presidential candidate told Bloomberg Businessweek in an interview.

“I would let him serve it out, especially if I thought he was doing the right thing,” Trump told Bloomberg Businessweek. President Joe Biden nominated Powell to serve a second four-year term as Fed chief in May 2022.

Powell is also a Fed governor, a position he will hold until Jan. 31, 2028.

These comments mark an about-face from the former president, who has had a strained relationship with the central bank leader.

Powell took the helm as Fed chief in February 2018, and he had faced criticism from then-President Trump over the years on interest rate policy.

Back in 2019, Trump criticized the central bank and its leader — even as policymakers lowered rates three times that year, eventually to a target range of 1.5% to 1.75% — arguing the U.S. was at an economic disadvantage against other countries with lower rates.

As recently as February of this year, Trump told Fox Business that he would not reappoint Powell to lead the Fed. “I think he’s political,” he told journalist Maria Bartiromo. “I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates.”

Read the Bloomberg Businessweek article here.

Don’t miss these insights from CNBC PRO

Related Topics:
Continue Reading

Economics

What would Robert F. Kennedy junior mean for American health?

Published

4 hours ago

on

November 15, 2024

By

AS IN MOST marriages of convenience, Donald Trump and Robert F. Kennedy junior make unusual bedfellows. One enjoys junk food, hates exercise and loves oil. The other talks of clean food, getting America moving again and wants to eliminate oils of all sorts (from seed oil to Mr Trump’s beloved “liquid gold”). One has called the covid-19 vaccine a “miracle”, the other is a long-term vaccine sceptic. Yet on November 14th Mr Trump announced that Mr Kennedy was his pick for secretary of health and human services (HHS).

Continue Reading

Economics

What would Robert Kennedy junior mean for American health?

Published

9 hours ago

on

November 15, 2024

By

AS IN MOST marriages of convenience, Donald Trump and Robert F. Kennedy junior make unusual bedfellows. One enjoys junk food, hates exercise and loves oil. The other talks of clean food, getting America moving again and wants to eliminate oils of all sorts (from seed oil to Mr Trump’s beloved “liquid gold”). One has called the covid-19 vaccine a “miracle”, the other is a long-term vaccine sceptic. Yet on November 14th Mr Trump announced that Mr Kennedy was his pick for secretary of health and human services (HHS).

Continue Reading

Economics

UK economy ekes out 0.1% growth, below expectations

Published

10 hours ago

on

November 15, 2024

By

Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. (photo by Mike Kemp/In Pictures via Getty Images)

Mike Kemp | In Pictures | Getty Images

The U.K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said Friday.

That was below the expectations of economists polled by Reuters who forecast 0.2% gross domestic product growth on the previous three months of the year.

It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England’s 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.

The Bank of England said last week it expects the Labour Government’s tax-raising budget to boost GDP by 0.75 percentage points in a year’s time. Policymakers also noted that the government’s fiscal plan had led to an increase in their inflation forecasts.

The outcome of the recent U.S. election has fostered much uncertainty about the global economic impact of another term from President-elect Donald Trump. While Trump’s proposed tariffs are expected to be widely inflationary and hit the European economy hard, some analysts have said such measures could provide opportunities for the British economy.

Bank of England Governor Andrew Bailey gave little away last week on the bank’s views of Trump’s tariff agenda, but he did reference risks around global fragmentation.

“Let’s wait and see where things get to. I’m not going to prejudge what might happen, what might not happen,” he told reporters during a press briefing.

This is a breaking news story. Please refresh for updates.

Continue Reading

Trending