Former President Trump accused Federal Reserve Chair Jerome Powell of being “political” and suggested the lifelong Republican would consider cutting rates to help Democrats during the 2024 election.
“I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates,” Trump said in an interview on Fox News Business Network’s “Mornings with Maria” that will air Sunday.
“It looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know,” he added.
When asked if he would reappoint Powell if he won the election in November, Trump said, “No, I wouldn’t do that.”
Trump appointed Powell as Fed chair in 2017 but quickly soured on him. The former president put unprecedented public pressure on Powell to cut interest rates in order to boost the stock market and improve his leverage in trade battles with China and the European Union.
Trump regularly criticized Powell during his presidency, even threatening to fire him and questioning whether Chinese President Xi Jinping was kinder to the U.S. than Powell was.
But Powell refused to align the Fed, an independent agency legally mandated to balance unemployment and inflation, behind Trump’s political whims.
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Former President Trump accused Federal Reserve Chair Jerome Powell of being “political," suggesting the lifelong Republican would consider cutting rates to help Democrats during the 2024 election https://t.co/gJno5b2TiT pic.twitter.com/fSvu9O9FSj
— The Hill (@thehill) February 2, 2024
Trump says he would not reappoint ‘political’ Jay Powell as Fed chair https://t.co/zQfuh6EKIQ
— POLITICO (@politico) February 2, 2024
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