Washington, United States:
Federal Reserve President Geom H. Powell warned that Tariffs could complicate the economic goals of the Central Bank, US President Donald Trump could not enough to “end”.
Trump told reporters, “If I want to exclude him, he will be out of there, trust me,” Trump told reporters, according to CNN. “I’m not happy with him.”
The President’s fury was triggered by Powell’s Wednesday’s speech in which he warned that Tariffs could create a “challenging landscape” by putting the double mandate of the bank – stable inflation and a strong labor market – in a struggle.
The fed will wait and see before changing the interest rates, and there is no possibility of a higher rate cut until the prices continue to grow for a long time, they said.
This approach does not sit well with Trump, which has repeatedly pushed to cut off the aggressive rate. On Thursday, he pointed out hopes that the European Central Bank (ECB) would reduce the cost of re -borrowing, its use to pressurize the Fed to follow the suit.
It is feared that the President may try to remove Powell before the end of his term in May 2026, as according to the NY Times report. Trump has already taken steps to keep more control over the Fede’s regulatory responsibilities and has intervened in other independent bodies including the Federal Trade Commission and the National Labor Relations Board.
Who is Jerome Powell?
Jerome H Powell was born in February 1953 at Washington, DC. He graduated with an AB in politics from Princeton University in 1975. He earned a law degree from the University of Georgetown in 1979, where he also worked as the editor of ‘Georgetown Law Journal’. After completing his education, Powell worked as a lawyer and investment banker in New York City.
In 1992, he served as Assistant Secretary and then as Under Secretary of the American Department of Treasury under President George W. Bush. From 1997 to 2005, Powell was a partner in a global investment firm Carlile Group.
After leaving Carlile, he became a visiting scholar at the bipartisan policy center at Washington, DC, where he focused on fiscal policy at both federal and state levels.
In 2012, Powell was appointed to the Board of Governors of the Federal Reserve System to fill an unexpected term. He was again appointed and sworn in to the board in June 2014 for the full period ending on 31 January 2028.
In February 2018, Powell took over as the Chairman of the Board of Governors of the Federal Reserve System for a four -year term, making Janet Yellen successful. He was re -appointed for a second term as a fed chair and was sworn in again in May 2022.
As the Speaker, Powell led the Federal Open Market Committee (FOMC), which is the main body of the Fed to establish monetary policy. Powell is often seen as the world’s most powerful central banker, which oversees the American economy and the dollar, the world’s reserved currency.
He has served in several corporate, educational and charitable boards, including Bendheem Center for Finance at Princeton University and Nature Conservations of Washington, DC and Maryland.
Jerome Powell is married and has three children.