US President Donald Trump said on Wednesday that it is very difficult to dismiss the Federal Reserve President Jerome Powell. He gave this public statement after less than 24 hours of that private meeting, in which he expressed the idea of removing the central bank’s leading Powell.
Trump confirmed that he had discussed the concept of sacking Powell in a meeting with about a dozen Republican MPs at the White House on Tuesday night. The Fed Chairman was on the target of Trump for a long time, as he refused to reduce the interest rates on Trump’s demand. Regarding the MPs who came to talk on the Crypto currency law, Trump said that most of the MPs told me in that meeting that Powell should be removed.
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Trump also showed a letter to sack Powell in the meeting
According to a White House official, Trump also showed a letter during the meeting, which was proposed to remove Powell. But a person acquainted with the case said that this letter was prepared by someone else and the Republican President did not write any such letter. Those who were involved in this meeting did not have the right to discuss publicly, so they gave this information on the condition of anonymity.
Powell is accused of mismanagement of renewal scheme
Trump held a meeting with Yuvraj Salman bin Hamad Al Khalifa of Bahrain at the Oval Office on Wednesday. During this, Trump said that the possibility of removing Powell is very low, unless he gets caught in any fraud. Recently, the White House and Trump administration officials have accused Powell of mismanagement of a $ 2.5 billion renewal project in the Fed, which further increased the ongoing efforts by Trump to get rid of the politically independent central banker.
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Following the stock market after Trump’s statement
After Trump’s statement, there was a stir in the US stock market on Wednesday. At first the shares declined, but later when Trump said that Powell was difficult to remove, there was some stability. Bond market also saw ups and downs, but most of the situation remained calm.
