Reuters
Published Aug 24, 2019 12:46AM ET
Trump says he wouldn't stop Fed Chair Powell if he offered to resign
WASHINGTON (Reuters) - U.S. President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Friday and said he wouldn't try to stop the chief U.S. central banker if he offered to resign.
Trump, departing the White House to travel to the G7 summit in France, told reporters, "I'm not happy with Jay Powell."
His comments continued a war of words against Powell that, along with retaliatory tariffs imposed on U.S. goods by China, helped trigger a sharp drop on Friday in the U.S. stock market.
"I don't think he's doing a good job at all," Trump told reporters as he left the White House shortly before midnight on Friday.
"I don't think he's much of a chess player, but I've got him so, you know, that's what I have," added the president, who earlier questioned on Twitter who was "our bigger enemy," Powell or Chinese leader Xi Jinping.
Asked if he wanted Powell to resign, Trump replied: "Do I want him to resign? Let me put it this way, if he did I wouldn't stop him."
Powell was in Jackson Hole, Wyoming, on Friday for a meeting with other central bankers. He said the Fed would "act as appropriate" to keep the U.S. economy healthy in a deteriorating global economy but stopped short of committing to a series of rate cuts sought by Trump.
Faced with growing risks to the economy, the Fed cut rates for the first time in more than a decade last month, and markets overwhelmingly expect the central bank to deliver another cut at its September policy review.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.