Many executives across the U.S. face criticism from the president Donald Trump and US Federal Reserve Chairman Jerome Powell in one of them. The latest crunch in the story is Powell’s statement in an interview broadcast on Sunday. The Fed chairman stated the president’s repeated political hit do not have any impact on the central bank’s judgment to curb interest rate hikes. The Fed decided in January to reveal that it aims to take a break in increasing interest rates. During the interview, Powell also said that President Donald Trump could not fire him. The Fed chairman said, the law is clear, and he has a duration of four years.
The Fed Chairman denied to slam the President or discuss any private conversations in public. He said it would not be appropriate to comment on the president or frankly any other political leader. He tried not to comment on Donald Trump. Powell said the U.S. economy had experienced a bit of slowing, but still healthy levels in the year. He added, there is no reason to disclose why this economy cannot continue to develop. In 2018, the President angrily and very publicly attacked the Fed’s decision regarding rate hikes. The bitterness was such that it resulted in talking of the President to dismiss Powell. Thus a series of interest rates hikes in 2018 placed a call to Trump’s anger.
On the other hand, the president nominated Powell to the Fed position after deciding not to put up former Fed executive, Janet Yellen for the second time. In 2018, the Feb approved four rate hikes under Powell as a step to normalize policy started by Yellen in 2015. According to Trump, these rate hikes threaten the overall growth of the U.S. Whereas, driving slowly towards the economic growth, Powel mentioned that analysts estimated a slow growth rate this year. But the Fed executive denied having a risk of having a downturn. According to him, cyber crimes are the main threats.