President Donald Trump escalated his attacks on Federal Reserve Chairman Jerome Powell on Monday, according to CNBC. The president called Powell a “major loser” and urged immediate interest rate cuts to avoid a slowdown in the U.S. economy. Trump claimed inflation is virtually nonexistent and warned that Powell risks economic damage by acting too slowly. Trump and his team are exploring whether he can legally fire Powell before his term ends in 2026, though Powell has said the president lacks that authority. Evercore’s Krishna Guha warned that any attempt by Trump to fire Fed Chair Jerome Powell would likely trigger a severe market reaction, including falling equities, a weaker dollar, and rising yields.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump escalated his attacks on Federal Reserve Chairman Jerome Powell on Monday,
00:07according to CNBC. The president called Powell a major loser and urged immediate interest rate
00:12cuts to avoid a slowdown in the U.S. economy. Trump claimed inflation is virtually non-existent
00:17and warned that Powell risks economic damage by acting too slowly. Trump and his team are
00:22exploring whether he can legally fire Powell before his term ends in 2026, though Powell
00:27said the president lacks that authority. Evercore's Krishna Guha warned that any attempt by Trump
00:33to fire Fed Chair Jerome Powell would likely trigger a severe market reaction, including
00:38falling equities, a weaker dollar and rising yields. For all things money, visit Benzinga.com slash GSTV.