\n<\/p>\n
Donald Trump called on top Federal Reserve officials to seize control from its chair, Jerome Powell, if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank\u2019s independence.<\/p>\n
The US president called Powell \u201ca stubborn MORON\u201d in a series of critical social media posts on Friday, days after the Fed held rates steady for the fifth consecutive time.<\/p>\n
It comes as Trump faces heightened questions over the impact of his aggressive economic policy, and the White House presses forward with plans for a fresh wave of tariffs next week.<\/p>\n
Hours before the federal government released data which underlined a significant deterioration in the jobs market, Trump again broke with precedent to pin blame on the Fed \u2013 and urge it to change course.<\/p>\n
\u201cJerome \u2018Too Late\u2019 Powell, a stubborn MORON, must substantially lower interest rates, NOW,\u201d Trump wrote on Truth Social, his social network. \u201cIF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!\u201d<\/p>\n
The Fed chair does not unilaterally set interest rates, which are decided by its rate-setting Federal Open Market Committee. Presidents typically respect its independence, leaving the central bank to make an objective decision \u2013 without political interference \u2013 about the best policy on interest rates for the US economy.<\/p>\n
\u201cToo Little, Too Late. Jerome \u2018Too Late\u2019 Powell is a disaster,\u201d Trump wrote, minutes after Friday\u2019s lackluster jobs report. \u201cDROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!\u201d<\/p>\n
Powell has repeatedly argued that the best approach for the Fed right now is to wait and see the impact of Trump\u2019s aggressive tariff strategy before cutting rates. But Trump has increasingly used the Powell, whom he appointed during his first term, as something of a pi\u00f1ata \u2013 repeatedly accusing him of damaging the US economy.<\/p>\n
Two members of the Fed\u2019s rate-setting committee dissented from its other policymakers\u2019 call to hold rates steady this week, and \u2013 to the president\u2019s delight \u2013 published their reasons on Friday.<\/p>\n
\u201cSTRONG DISSENTS ON FED BOARD,\u201d Trump wrote, claiming: \u201cIT WILL ONLY GET STRONGER!\u201d<\/p>\n
On Friday afternoon, another member of the committee abruptly resigned. Adriana D Kugler, whose term was set to expire in January, announced she would step down next week.<\/p>\n
She did not provide a reason for the move, and will return to Georgetown University as a professor in the fall.<\/p>\n
\u201cI am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market,\u201d Kugler said in a statement.<\/p>\n
Her resignation creates a vacancy for the White House to fill.<\/p>\n","protected":false},"excerpt":{"rendered":"
Donald Trump called on top Federal Reserve officials to seize control from its chair, Jerome Powell, if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank\u2019s independence. The US president called Powell \u201ca stubborn MORON\u201d in a series of critical social media posts on Friday, days after the Fed<\/p>\n","protected":false},"author":1,"featured_media":13535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[1839,303,3281,7209,519,520,1834,2020,81],"class_list":{"0":"post-13534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-attacks","9":"tag-business","10":"tag-feds","11":"tag-independence","12":"tag-interest","13":"tag-rates","14":"tag-row","15":"tag-steps","16":"tag-trump"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/13534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13534"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/13534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/13535"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}