Trump Assures Jerome Powell Will Serve Out Term, Urges No Rate Cuts Before Election

IconCryptoNewsTerminal Staff16 Jul, 2024

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Trump Assures Jerome Powell Will Serve Out Term, Urges No Rate Cuts Before Election

Former US President Donald Trump has assured that Jerome Powell will serve out his term as chair of the Federal Reserve, according to Reuters. And should he win the November election, he plans to appoint JPMorgan Chase CEO Jamie Dimon as Treasury Secretary. Trump also added that “the Fed should not cut interest rates before the election.” The Fed has been cutting interest rates since July in an effort to boost the economy. The Fed is an independent agency, and Trump does not have the authority to order it to do anything. However, his comments could put pressure on the Fed to keep interest rates higher than they would otherwise be. Higher interest rates can slow economic growth, but they can also help to keep inflation under control. The Fed is trying to balance these two goals as it sets interest rates. It is important to note that Trump's comments are just that – comments. He does not have the authority to order the Fed to do anything, and it is unclear whether he would even try to do so if he were reelected.

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