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Trump believes he has the power to lower Powell to Fed: Bloomberg



FILE FOTO: Federal Reserve Chairman Jerome Powell arrives at a press conference after a two-day meeting of the Federal Open Market Committee in Washington, DC, June 1

9, 2019. US President Donald Trump believes that, that he has the power to replace Federal Reserve Chairman Jerome Powell and lower him as board manager, but he does not plan to do so right now, Bloomberg said, citing people familiar with the matter.

Trump exerts pressure on the Fed to cut interest rates, saying in October that the central bank was "messed up" under Powell.

On Wednesday, the Fed said it was ready to fight the growing global and domestic economic risks with interest rate cuts beginning next month. For now, the central bank has left its main rate unchanged.

Reporting by Kanishka Singh in Bengaluru; Editing by Lisa Shumaker

Our Standards: Thomson Reuters Trust Principles.

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