Kudlow Says Powell’s Job Is Safe, No Effort to Remove Him By Bloomberg

© Bloomberg. Larry Kudlow, director of the U.S. National Economic Council, pauses while speaking to members of the media outside the White House in Washington, D.C., U.S., on Tuesday, June 18, 2019. Kudlow said that President Donald Trump and Chinese President Xi Jinping


© Bloomberg. Larry Kudlow, director of the U.S. National Economic Council, pauses while speaking to members of the media outside the White House in Washington, D.C., U.S., on Tuesday, June 18, 2019. Kudlow said that President Donald Trump and Chinese President Xi Jinping’s phone conversation was largely about scheduling their meeting at the G-20 in Japan. Photographer: Sarah Silbiger/Bloomberg

(Bloomberg) — Federal Reserve Chairman Jerome Powell’s job is safe for now, according to Larry Kudlow, top economic adviser to President Donald Trump.

“There is no effort to remove him,” Kudlow said in an interview with CNBC Tuesday.

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

Trump has repeatedly blasted Powell over the Fed’s interest rate increases last year. The president has said told confidants that he believes he has the authority to replace Powell as Fed chairman, demoting him to the level of board governor, according to people familiar with the matter. But Trump has said he doesn’t plan to do it. The president chose Powell as Chair, replacing Janet Yellen in 2018.

Kudlow reiterated his call for the Fed to “take back” its interest rate hike in December. The Fed raised interest rates four times 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.

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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link