President of the United States Donald Trump on Wednesday, January 29, slammed Federal Reserve Chairman Jerome Powell and the US central bank for failing to stop the problem they created with inflation.
Also, as part of the mentioned criticism from Mr. Trump, it was noted that the specified financial regulator has done a terrible job on Bank Regulation.
The Fed’s first monetary policy meeting since Donald Trump’s inauguration last week ended on Wednesday. The central bank of the United States has decided to keep interest rates at the same level. The Fed also demonstrated a kind of weakening of optimism in the context of assessing the prospects for further dynamic of inflation as part of the movement towards the 2% target.
At the same time, Donald Trump said after his inauguration that he would demand an immediate lowering of borrowing costs.
Jerome Powell stressed the importance of the independence of the central bank of the United States from the external impact. US Treasury Secretary Scott Bessent is also a proponent of this opinion.
At the same time, Donald Trump has questioned the mentioned point of view. In the context of the relevant position, he stated that, in his opinion, the president should have a say in making decisions on interest rates.
Last year, Donald Trump said he would not reappoint Jerome Powell when his current term as Fed chairman ends in 2026. At the same time, Mr. Trump noted that he would not try to prematurely terminate the powers of the head of the United States’s central bank.
