Trump says Fed 'out of control' but won't fire Powell - News Summed Up

Trump says Fed 'out of control' but won't fire Powell


Trump says Fed 'out of control' but won't fire PowellWASHINGTON — President Donald Trump renewed his attacks on the US central bank on Thursday, saying it was "out of control" in raising interest rates but that he had no plans to dismiss Federal Reserve Chairman Jerome Powell. "It is a correction that I think it is caused by the Federal Reserve, with interest rates," Trump told reporters at the White House. Trump named Powell to lead the central bank but can only fire him for cause. The comments followed his strongest criticism of the Fed late Wednesday when he said the central bank had "gone crazy." And Kudlow said the Fed was managing "the transition from ultra, ultra easy money...to something more normal," by raising rates gradually.


Source: Philippine Star October 11, 2018 20:48 UTC



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