Trump Urges Rate Cut, Says "No Intention to Fire Powell"
Trump Intensifies Criticism of Powell Until the Previous Day
On April 22 (local time), President Donald Trump stated that he has no plans to dismiss Jerome Powell, the Chairman of the Federal Reserve (Fed), but emphasized that he wants interest rates to be lowered.
Speaking to reporters in the Oval Office at the White House that day, President Trump said, "I have absolutely no intention of removing (Powell)," but added, "I just want him to pursue his interest rate cut policy more aggressively."
Until just the previous day, President Trump had attacked Chairman Powell, calling him a "loser" and "Mr. Too Late," and once again pressured for a rate cut.
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However, as President Trump repeatedly demanded a rate cut from Chairman Powell following his tariff threats, thereby shaking the independence of monetary policy, investors sold off U.S. Treasury bonds and dollars, which are considered the world's safest assets, causing the value of the dollar to fall to its lowest level in three years. The market turmoil caused by concerns over the Fed's independence is seen as the reason for Trump's attempt to calm the situation.
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