President Trump says he never threatened to demote Federal Reserve Chairman Jerome Powell, though he maintains that he has the authority to do so.
, though he maintained he has the authority to do so.
“I have the right to do that, but I haven’t said that,” the president continued. Trump went on to criticize the Fed for raising interest rates, saying Powell made a mistake. Bloomberg had reported that Trump considered demoting Powell in February, but White House economic adviser Larry Kudlow said the president wasn’t currently considering such a move.
Powell was asked point blank at a news conference after the Wednesday Fed meeting about how he would react if Trump said he wanted to demote him.
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