US President Donald Trump launched fresh attack on Federal Reserve chief Jerome Powell on August 5. He said that the governor of the American central bank is "highly political" and is "too late on rates".
Speaking to CNBC, he said that the only time Powell wasn't too late was when he "lowered interest rates before elections". When asked who he would replace Powell with, Trump said, "The two Kevins are doing well, along with numerous other candidates." He was referring to former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett.
Trump added that Treasury Secretary Scott Bessent has said he wishes to continue in his role and not takeover as the chief of the Federal Reserve.
The US President added that the American economy is in a better shape now, under his presidency. "Prices have come down during my presidency. Energy prices are way down. OPEC and OPEC+ are drilling more because they want me happy, because if energy prices go down, [Russian President] Vladimir Putin will stop killing people," he added.
Trump further said that several countries, including Japan, Indonesia and South Korea have "opened up" their countries for trade, due to his economic decisions. He however warned that he would substantially increase tariffs on India within the next 24 hours.
Trump had earlier criticized Powell several times, questioning the Federal Reserve’s decision to hold rates. During its latest meeting last month, U.S. Federal Reserve's Federal Open Market Committee (FOMC) kept interest rates unchanged at 4.25 percent to 4.5 percent.
Also read: India fuelling Russian war machine, will 'substantially' raise tariffs within next 24 hours: Trump
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