US President Donald Trump has assured, according to Treasury Secretary Steven Mnuchin, not to have proposed the replacement of Fed Chairman Jerome Powell. Trump also told him that he does not expect to have the right to dismiss the Federal Reserve Chairman, Mnuchin tweeted yesterday.
Circles familiar with the matter said that Trump had discussed the possibility of Powell’s release in private circles. Trump nominated Powell as Fed Chairman over a year ago. In recent months, however, he criticized the rate hike of the central bank under the leadership of Powell several times sharply. Trump fears that the central bank’s approach could stifle the recovery of the US economy.
