White House Adviser Affirms Trump not Considering Firing Fed Chair Powell

White House economic adviser Larry Kudlow on Tuesday said U.S. President Donald Trump is not considering any changes to Fed Chairman Jerome Powell’s status following a report that the White House had explored the possibility of demoting him.

Kudlow spoke to reporters at the White House ahead of the U.S. Federal Reserve’s meeting this week that comes amid mounting pressure from the Republican president to cut interest rates. The Fed is expected to leave rates unchanged but could lay the groundwork for a cut later this year.



“The Fed is independent. They’ll act on their own time, in their own way,” Kudlow said.

Bloomberg News, citing people familiar with the matter, reported earlier on Tuesday that the White House had looked into the legality of demoting Powell in February soon after Trump discussed firing the Fed chairman.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza