Trump again calls for rate cuts, may choose not to fire Powell

PANews June 21 news, according to Cailian News, on June 20 local time, US President Trump once again called on Federal Reserve Chairman Powell to cut interest rates. Trump said that he might have to change his mind and not fire Powell. Trump once again called Powell "Mr. Too Late" on the social platform and severely criticized his complaints about inflation costs as stemming from "economic problems caused by the Biden administration." He said that Powell should make the "biggest and best contribution" to the United States by cutting interest rates.

Trump wrote: "If he lowers interest rates to where they should be - 1% to 2%, this 'idiot' can save the United States up to $1 trillion a year." He also said that the United States currently has "almost no inflation" and the economy is performing well. Trump said that if Powell is really worried about inflation or other risks, he should "cut interest rates now" and raise them again if the situation changes in the future. In addition, Trump also hinted that he might reconsider whether to remove Powell from his position. Trump said, "Maybe, just maybe, I have to change my mind about not firing him? But in any case, his term will soon be over." Trump has criticized Powell many times this year and threatened to remove him from his position as chairman of the Federal Reserve. The Federal Reserve ended its interest rate meeting on June 18 and maintained the current policy interest rate unchanged. Before the meeting, Trump once again blasted Federal Reserve Chairman Powell, calling him a "not very smart politician" and dissatisfied with his refusal to cut interest rates. In an interview with reporters, Powell responded that the core of the Federal Reserve's work is to ensure economic stability and price stability, and did not respond directly to Trump's accusations.