WASHINGTON - President Donald Trump has privately asked cabinet members if he has the authority to fire Fed Chair Jerome Powell after interest rates were increased and the stock market tanked, US media reported Saturday. The Dow Jones Industrial Average closed the week with yet another steep decline, its worst week in 10 years. Powell, chosen by Trump for the job, took over the key post for a four-year term at the helm of the US central bank in February, replacing Janet Yellen. On Tuesday, Trump warned the Fed not to make "yet another mistake" by raising interest rates, the second consecutive day he has gone after the central bank on Twitter. It was unclear if Trump has the authority to fire Powell, according to US media.

Source: Bangkok Post December 23, 2018 01:47 UTC