July 9, 2020, 0:30

Trump: ‘No Plans’ to Fire Fed Chair Powell Despite Disappointing Monetary Policy

Trump: ‘No Plans’ to Fire Fed Chair Powell Despite Disappointing Monetary Policy

WASHINGTON (Sputnik) – US President Donald Trump told reporters on Thursday he is not going to terminate Federal Reserve Chairman Jerome Powell but he is disappointed in his policy moves.

“No, I’m not going to fire him [Powell],” Trump said. “I’m just disappointed.”

Trump said the stock market correction was a result of the Fed’s interest rate increases. The central bank, he added, is making a mistake by enforcing a strict monetary policy.

Trump previously criticized interest rate hikes but said he would not meddle in the Fed’s decisions. White House Economic Adviser Larry Kudlow told CNBC Thursday that Trump has his own views on the Fed’s policies but he is not dictating the course of action to an independent organization.

On Wednesday, the US Dow Jones Industrial Average fell by more than 830 points, or three percent — the third largest point drop on record. The Nasdaq Composite Index fell by more than four percent, or 156 points, in its worst percentage decline since June 2016. Addressing the issue, Trump blamed the Federal Reserve (often referred to as the “Fed”) for the drop, claiming it had gone “crazy.”

READ MORE: IMF Chief Lagarde Defends Fed’s Rate Hikes Slammed by Trump

In September, the Federal Reserve raised short-term interest rates for the third time this year in a policy intended to keep inflation in check by preventing the rapidly expanding US economy from overheating, according to Fed officials. The Fed’s open market committee also said it was planning two more hikes this year.

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