Powell Gets the Heat, but All Trump Fed Appointees Backed Rate Hikes

WASHINGTON (Reuters) – U.S. President Donald Trump may feel he is “stuck” with Federal Reserve Chairman Jerome Powell, whom he has blasted for engineering four interest rate hikes since Trump appointed him, but none of Trump’s other Fed appointees has stood in the way of the tightening campaign and at least one has said even higher rates may be necessary.

The voting records and public statements of Trump’s Fed appointees, who now form a solid majority of the Fed’s Washington-based board of governors, show not only consensus around the recent increases, but no support so far for the rate cuts Trump has demanded.

A possible upcoming nominee to the Fed, economic commentator Stephen Moore, has said he agrees with Trump that rates should be cut and had earlier called for Powell’s ouster. Trump has mulled whether he could fire Powell, but in a March 8 phone call, reported by the Wall Street Journal, acknowledged he was “stuck” with the Fed chair for Powell’s full four-year term that runs to February 2022.

www.reuters.com/article/us-usa-fed-trump/powell-gets-the-heat-but-all-trump-fed-appointees-backed-rate-hikes-idUSKCN1RG22Z?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%2

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