President Donald Trump told reporters Tuesday that he has no intention of firing Federal Reserve Chair Jerome Powell, according to CNBC. Trump recently labeled Powell a “major loser” and urged immediate rate cuts. The president said in the Oval Office he “never did” seek Powell’s removal and blamed media speculation for the controversy. The reversal comes days after White House economic advisor Kevin Hassett confirmed Trump’s team had studied firing the Fed chief. U.S. stock futures rallied following Trump’s assurance, rebounding from a sell-off triggered by his earlier attacks on the Fed. Critics say any effort to remove Powell would shatter the Fed’s independence and destabilize financial markets.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump told reporters Tuesday that he has no intention of firing Federal Reserve
00:06Chair Jerome Powell, according to CNBC. Trump recently labeled Powell as a major loser
00:11and urged immediate rate cuts. The president said in the Oval Office he never did seek
00:15Powell's removal and blamed media speculation for the controversy.
00:19The reversal comes days after White House Economic Advisor Kevin Hassett confirmed Trump's team
00:23had studied firing the Fed sheet. U.S. stock futures rallied following Trump's assurance,
00:28rebounding from a sell-off triggered by his earlier attacks on the Fed.
00:32Critics say any effort to remove Powell would shatter the Fed's independence
00:35and destabilize financial markets.
00:38For all things money, visit Benzinga.com slash GSTV.