The Federal Reserve and its chair, Jerome H. Powell, have been the subject of relentless attacks by President Trump over the central bank’s reluctance to lower borrowing costs.
Christopher Waller, a potential contender to be the next chair of the central bank, said the Federal Reserve should not wait for the labor market to weaken to reduce interest rates.
The president has talked about firing Jerome H. Powell, the chair of Federal Reserve. Their tensions could have major implications for the global economy.
Senator John Thune, the majority leader, in the U.S. Capitol earlier this week. The Senate voted 51 to 48 early Thursday to approve a bill to claw back $9 billion in congressionally approved spending.
The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.
President Trump has seized on Jerome H. Powell’s renovation of the Federal Reserve’s headquarters as a potential reason to fire him, intimating that he engaged in “fraud.”
The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. It remains to be seen whether he follows through with his threat.
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