President Donald Trump has blasted Federal Reserve Chair Jerome Powell for months for not reducing rates of interest, even threatening to fireplace the central banker.
Now, the White House is seizing on a $2.5 billion renovation of the Fed’s headquarters in Washington, DC, as a possible authorized opening to fireplace Powell as Trump requires supersized price cuts. The president stated final week that it’s “highly unlikely” he’ll attempt to fireplace Powell, however he left the door open “for fraud.”
Firing Powell can be an unprecedented transfer within the central financial institution’s 111-year historical past, doubtlessly sparking a landmark authorized battle, turmoil in monetary markets and financial uncertainty. The transfer additionally received’t guarantee Trump will get decrease rates of interest, since Powell is just one out of 12 individuals on the Fed who vote on coverage strikes.
CNN’s Jim Sciutto speaks with Roben Farzad, host of public radio’s "Full Disclosure," and Jake Tapper speaks with former Federal Reserve vice chair Alan Blinder. #CNN #News
