(Xinhua)09:15, June 24, 2019
WASHINGTON, June 23 (Xinhua) — U.S. President Donald Trump said he didnt threaten to demote U.S. Federal Reserve Chairman Jerome Powell, but hed be able to do that if he wanted, U.S. media reported Sunday.
I didnt ever threaten to demote him, Trump said of Powell in a pre-recorded interview with NBCs Meet the Press program to be aired Sunday. Id be able to do that if I wanted but I havent suggested that, the president added, according to a transcript provided by NBC.
He raised them far too fast, Trump said during the interview, referring to Powell and the Feds interest rate policy under his leadership.
The Fed has hiked rates seven times since Trump took office, but has since December maintained them steady in a range between 2.25 percent and 2.5 percent.
I think the economys so strong were going to bull through it. But Im not happy with his actions. No, I dont think hes done a good job, Trump said of Powell. He made a mistake. Thats been proven.
Bloomberg News reported that Trump told his confidants as recently as Wednesday that he has the authority to replace Powell.
Asked to comment on the presidents criticisms, Powell said at a press conference Wednesday, I think the law is clear that I have a four-year term, and I fully intend to serve it.
Responding to a subsequent question as to whether he should push back against Trump publicly or privately, Powell said, I dont discuss elected officials publicly or privately.
At the Fed, were deeply committed to carrying out our mission and also that our independence from direct political control we see as an important institutional feature that has served both the economy and the country well, he said.
The Fed in recent weeks showed an open attitude toward cutting the benchmark rate amid calls for it to do that.
Reading a policy meeting statement Wednesday before taking questions from the press, Powell said Fed officials will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion.