Trump reportedly discussed firing Fed chair Jerome Powell over rate hikes

Donald Trump has reportedly discussed firing the Federal Reserve chairman, Jerome Powell, his latest move a series of unprecedented attacks on the central bank.

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Trump has repeatedly criticized the Fed for gradually raising rates, which hovered close to record lows for years after the end of the recession. The Fed meets this week to discuss its next move.

According to a Bloomberg report, in recent days Trump has grown increasingly frustrated with Powell and talked privately with advisers about firing him. But it is not clear that he has the authority to do so, and Powell has said he intends to stay in the job.

Bloomberg said Trump was warned by advisers that firing Powell would be a disastrous move that would worry investors and undermine confidence in the Fed’s independence.

On Sunday, Trump once again attacked Powell. In an interview with ABC he said: “I disagree with him entirely.

“Frankly, if we had a different person in the Federal Reserve that wouldn’t have raised interest rates so much, we would have been at least a point and a half higher.” Trump was referring to the first quarter’s 3.2% rise in American GDP.

Trump said: “I’m not happy with what he’s done.” Trump recently told Reuters the central bank “would be foolish” to proceed with a rate hike.

Although Trump appointed Powell, the Fed chair is supposed to be independent – which insulates the central bank from being pressed into making short-term, politically motivated decisions.

Trump has tried and failed to influence the Fed by appointing two of his supporters, Stephen Moore and Herman Cain, to the Fed’s board. But both candidates were forced to withdraw amid scandals.

The Fed will announce its decision on interest rates on Wednesday and Powell will hold a press conference. The Fed chair has so far avoided directly addressing Trump’s criticisms.

At his prior Fed press conference in May, Powell reiterated that the central bank is a “non-political institution” and said politics plays no part in “making a decision”.