No Plans To Fire Fed’s Powell – TrumpPublished
US President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates.
Trump stated this while speaking to reporters in the Oval Office on Tuesday.
“I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates,” he said.
The de-escalation attracted a swift accolades from Wall Street, as equity index futures surged by nearly 2% on the resumption of trading on Tuesday evening.
DAILY POST reports that stocks, bonds and the US dollar had all slumped on Monday after Trump over the Easter holiday weekend repeatedly attacked Powell for not cutting interest rates further since the president resumed office in January.
“Whether this reflects Monday’s brutal foretaste of what would happen in the markets if he did try to fire Powell, or was the plan all along, it is a clear positive.
“It materially reduces the likelihood of worst case outcomes including stagflation and the morphing of the tariff crisis into a sovereign debt crisis, though these risks remain,” Evercore ISI Vice Chairman Krishna Guha said.
DAILY POST reports that Evercore ISI is the institutional equities business within the financial firm Evercore, which was formed when Evercore acquired ISI Group in 2014, which was a well-known independent research-driven equity sales and agency trading firm.
Trump, during his question-and-answer volley with reporters on Tuesday, expressed optimism that a trade deal with China could “substantially” cut tariffs, which also provided a boost for investors
