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Trump Demands Role in Influencing Fed Interest Rate Decisions
(MENAFN) President Donald Trump declared Friday his intention to assert influence over Federal Reserve interest rate policy while evaluating potential successors to lead the central bank.
"I think I certainly should have a role in talking to whoever the head of the Fed is, or the Fed," he told reporters at the White House. "I've done great. I've made a lot of money, very successful. I think my voice should be heard, but I'm not going to make the decision based on that. I'll be making a decision over the next few weeks."
The president has persistently pressured current Fed Chair Jerome Powell to implement aggressive rate reductions. The Federal Reserve delivered a divided decision this week, cutting rates to a 3.5%-3.75% range. The Federal Open Market Committee, responsible for monetary policy determinations, remains cautious about intensifying America's elevated inflation crisis, projecting price increases will exceed the central bank's 2% benchmark through 2028.
Current inflation data shows annual rates at 2.8% for September—the most recent figures incorporated into Fed deliberations.
Trump disclosed to media in a Friday interview that former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett are under consideration for the Fed leadership position.
"Yes, I think he is. I think you have Kevin and Kevin. They're both—I think the two Kevins are great," he said. "I think there are a couple of other people that are great."
Warsh, the president noted, "thinks you have to lower interest rates."
"And so does everybody else that I've talked to," added Trump.
"I think I certainly should have a role in talking to whoever the head of the Fed is, or the Fed," he told reporters at the White House. "I've done great. I've made a lot of money, very successful. I think my voice should be heard, but I'm not going to make the decision based on that. I'll be making a decision over the next few weeks."
The president has persistently pressured current Fed Chair Jerome Powell to implement aggressive rate reductions. The Federal Reserve delivered a divided decision this week, cutting rates to a 3.5%-3.75% range. The Federal Open Market Committee, responsible for monetary policy determinations, remains cautious about intensifying America's elevated inflation crisis, projecting price increases will exceed the central bank's 2% benchmark through 2028.
Current inflation data shows annual rates at 2.8% for September—the most recent figures incorporated into Fed deliberations.
Trump disclosed to media in a Friday interview that former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett are under consideration for the Fed leadership position.
"Yes, I think he is. I think you have Kevin and Kevin. They're both—I think the two Kevins are great," he said. "I think there are a couple of other people that are great."
Warsh, the president noted, "thinks you have to lower interest rates."
"And so does everybody else that I've talked to," added Trump.
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