Economy
State of the Union: The administration is dismayed at Powell’s refusal to cut interest rates despite signs of a coming economic downturn.
(Spencer Platt/Getty Images)
President Donald Trump called for the resignation of Federal Reserve Chairman Jerome Powell in a Friday social media post.
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Trump’s statement came after the Federal Reserve voted Wednesday to maintain its benchmark interest rates rather than reducing them, citing inflation fears. Trump has signaled displeasure with Powell but has proven unwilling to fire him so far.
The administration wants an interest-rate cut to stimulate economic growth. Friday’s Bureau of Labor Statistics (BLS) report saw anemic job growth in July, portending a possible economic downturn. The same day, Trump fired the BLS commissioner, Erika McEntarfer, alleging that her bureau was falsifying employment statistics for political reasons.
