White House: “No Effort to Remove Fed Chairman Powell”

White House: “No Effort to Remove Fed Chairman Powell”

Wednesday, White House economic advisor Larry Kudlow said, Fed Chairman Powell’s job is safe for now.

“There is no effort to remove him,” Mr. Kudlow said in a TV interview.

Mr. Kudlow said he supports the central bank’s independence and that there are no plans presently to change Mr. Powell’s job.

President Trump has vocally blasted Mr. Poweell over the Fed’s interest rate increases last year. The President has told confidants that he believes he has the authority to replace Mr. Powell as Fed chairman, demoting him to the level of Fed board governor. But President Trump now says he does not plan to do it.

Mr. Kudlow reiterated his call for the Fed to “take back” its interest rate hike in December. The Fed raised interest rates 4X last year, with the last increase at the end of the year drawing especially heavy criticism from The Trump Administration. Fed officials have shifted their outlook since then, and in June they opened the door to a rate cut.

Chairman Powell is appears before Congress Wednesday and Thursday in his semiannual testimony on monetary policy to legislators.

His comments Wednesday before the House sparked a rally and the NASDAQ finished at record highs (8,202.53) on the day.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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