Trump says he wouldn’t fire Fed Chair Jerome Powell. Don’t hold your breath
CNN
Republican presidential nominee Donald Trump would not fire Federal Reserve Chair Jerome Powell if the former president wins the election in November, according to a Bloomberg interview published Tuesday.
Republican presidential nominee Donald Trump would not fire Federal Reserve Chair Jerome Powell if the former president wins the election in November, according to a Bloomberg interview published Tuesday. But Trump’s statement wasn’t exactly a promise, saying he’d let Powell finish up his second term, “especially if I thought he was doing the right thing.” Of course, his statement also assumes it would be technically possible for a sitting president to oust any Fed official. Powell, a registered Republican, was first tapped to helm the central bank by Trump in 2017. Trump sang Powell’s praises at the time, saying “he’s strong, he’s committed, he’s smart.” Trump doesn’t have that same rosy view of his central bank appointee any more and has repeatedly attacked the current Fed chief, even accusing him earlier this year of planning to cut interest rates just to help Democratic politicians win elections (though there isn’t any evidence of that). The former president has made it clear he will not reappoint Powell if he clinches the White House in November. Trump’s ire toward Powell goes as far back as 2018 when the Fed raised rates, which sparked chatter even then as to whether or not Trump could even fire Powell. However, if Trump changes his mind outright because he thinks Powell isn’t doing “the right thing” and does try to remove him, it could kick off a messy uphill battle. The law states that a sitting president can dismiss any Fed official, but only for “cause,” not because of policy differences. That still wouldn’t stop Trump from pushing to oust Powell before the Fed head’s term concludes in 2026.
Nippon Steel is expected to re-file its application for a national security review by American regulators of its $15 billion takeover bid of US Steel, sources familiar with the matter told CNN on Tuesday, buying Japan’s largest steelmaker an additional 90 days to close its acquisition of an American rival after political opposition emerged in an election year.
So far, the attacks that targeted Iran-backed Lebanese militant group Hezbollah members through their pagers have had devastating consequences. At least nine people, including an eight-year-old girl, were killed, and at least 2,800 were wounded. Over 150 of those injured are in critical condition, according to the Lebanese health minister.