Federal Reserve Chair Jerome Powell has received a barrage of criticism from President Donald Trump in recent months. Trump has gone as far as revealing that he is not pleased with his pick to helm the central bank, mainly because of rising interest rates.
Trump has stopped short of saying he wants to can Powell, or ask for his resignation. However, even if the president did submit such a request, then Powell would toss it in the trash can.
Appearing at the American Economic Association’s annual meeting in Atlanta, the Fed Chair was asked, “If the president asked you to resign, would you do it?”
Powell, sitting alongside his predecessors, Janet Yellen and Ben Bernanke, responded: “No.”
He further explained that he had yet to receive any direct communication from the White House regarding his performance, nor has a meeting with the president been scheduled.
“I would say that meetings between presidents and Fed chairs do happen,” he said.
In other remarks, Powell reaffirmed the Fed’s stance on future monetary policy decisions which will depend on the national economy.
“We will be patient as we watch to see how the economy evolves. We are always prepared to shift the stance of policy and to shift it significantly,” Powell explained.
While it is great a sitting president is taking it to the Eccles Building, his remedies, like freezing historically low interest rates, are troubling.
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