{"id":124783,"date":"2019-06-27T03:10:23","date_gmt":"2019-06-27T03:10:23","guid":{"rendered":"https:\/\/www.bnreport.com\/trump-says-fed-should-have-draghi-as-chief-instead-of-powell\/"},"modified":"2019-06-27T03:10:23","modified_gmt":"2019-06-27T03:10:23","slug":"trump-says-fed-should-have-draghi-as-chief-instead-of-powell","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/trump-says-fed-should-have-draghi-as-chief-instead-of-powell\/","title":{"rendered":"Trump says Fed should have Draghi as chief instead of Powell"},"content":{"rendered":"

By Rich Miller
<\/strong>
President Donald Trump<\/a> said the U.S. should have Mario Draghi<\/a>, president of the European Central Bank<\/a>, at the helm of its monetary policy<\/a> \u2014 \u201cinstead of our Fed person\u201d \u2014 and reiterated that he has the right to demote or fire Federal Reserve Chairman Jerome Powell.<\/p>\n

\u201cNobody ever heard of him before, and now I made him and he wants to show how tough he is,\u201d Trump said Wednesday of Powell, speaking in an interview on Fox Business Network<\/a>. \u201cOK, let him show how tough he is. Hes not doing a good job.\u201d<\/p>\n

Trump has criticized the Fed for making credit more costly last year and for failing to lower interest rates last week. Policy makers \u201cblew it\u201d on June 19 when they kept the benchmark overnight rate unchanged, Trump tweeted on Monday. He compared the Fed to a \u201cstubborn child.\u201d Hes also recently denied that he threatened to demote Powell but says he has the authority to do so.<\/p>\n

Trump reiterated those points on Fox Wednesday, saying: \u201cI have the right to demote him. I have the right to fire him,\u201d but Trump \u201cnever suggested\u201d he would actually take such an action.<\/p>\n

Powell said at his post-meeting press conference last week that \u201cthe law is clear that I have a four-year term and I fully intend to serve it.\u201d<\/p>\n

Republican Senator John Kennedy said he didnt know whether Trump could demote Powell. But the Louisiana lawmaker and Senate Banking Committee member said the Fed chairman was doing a \u201cgood job\u201d and that the central bank should be free of political interference.<\/p>\n

\u201cIt is very, very important that Powell and the Fed should be allowed to do their job,\u201d Kennedy said in a Bloomberg Television<\/a> interview to be aired later on Wednesday. \u201cThe Federal Reserve is and should be an independent agency.\u201d<\/p>\n

Earlier this month, Trump attacked Draghi in a tweet, after the ECB chief signaled more monetary stimulus may be on the way for the euro area. Trump tweeted that such a move would make it \u201cunfairly easier for them to compete against the USA. They have been getting away with this for years, along with China and others.\u201d<\/p>\n

On TuRead More \u2013 Source<\/strong><\/a>
\n[contf]
\n[contfnew]
\n <\/p>\n

ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

By Rich Miller<\/p>\n

President Donald Trump said the U.S. should ..<\/p>\n","protected":false},"author":1,"featured_media":124784,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-124783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nTrump says Fed should have Draghi as chief instead of Powell - Business News Report<\/title>\n<meta name=\"description\" content=\"By Rich Miller President Donald Trump said the U.S. should ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/trump-says-fed-should-have-draghi-as-chief-instead-of-powell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump says Fed should have Draghi as chief instead of Powell - 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