President Donald Trump asked a group of Republicans whether he should fire Federal Reserve Chair Jerome Powell, and the group expressed approval of such a move, according to a media report on Wednesday.
On late Tuesday, Trump had gathered late a group of Republicans that had blocked a procedural vote that would have advanced crypto legislation, to convince them to let the legislation advance
Bloomberg News reported on Wednesday that Trump was likely to fire Powell soon, citing a White House official. Earlier, CBS News said the president has been floating the possibility of firing the head of the central bank for cause in public and private remarks, citing sources inside the administration. However, the White House hasn't yet built its formal legal predicate.
Trump has been lashing out at Powell for not cutting interest rates since he came back into office. Powell has said the administration can't fire him for disagreements over monetary policy. But lately, Republicans have been accusing the Fed of mismanaging a major renovation of its Washington headquarters, which may provide the basis of a for-cause firing. Powell has defended himself against such allegations.
Rep. Anna Paulina Luna (R-FL), who had voted against advancing the crypto bills, wrote in a post Tuesday night, "Jerome Powell is going to be fired. Firing is imminent."
As political pressure has ramped up, Fed officials have been emphasizing the importance of an independent central bank. Research has suggested that economies with independent central banks have more stable prices than economies that don't.
CBS News also said that some members of the House Financial Services Committee were planning to meet with Powell on Wednesday night, with some members seeking to reinforce the independence of the Fed.
The US Dollar Index (DXY) slid 0.6% in late morning trading on Wednesday.
https://seekingalpha.com/(...)hair-powell---report
Wait for the ricochet.Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.