In a speech delivered to the Detroit Economic Club, President Donald Trump launched a scathing attack on Federal Reserve Chair Jerome Powell, expressing his frustration over the Fed's interest rate policies.Trump stated, "That jerk will be gone soon," indicating his desire for Powell's removal due to what he perceives as inadequate responses to economic conditions.
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washingtonpost.comTrump's comments come as he seeks to bolster his economic narrative ahead of the midterm elections, emphasizing his administration's achievements while downplaying ongoing cost-of-living issues that have affected many Americans.He described affordability as a "fake word" and reiterated his plans to cap credit card interest rates at 10 percent.
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washingtonpost.comThe president's criticism of Powell is not new; he has long been at odds with the Fed chair, whom he appointed in 2018.Trump has previously labeled Powell as "the enemy" and has threatened to remove him from his position multiple times.
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cnn.comcnbc.comIn his recent remarks, Trump accused Powell of being "too late" in responding to economic challenges, particularly in relation to interest rates, which he believes should be lowered to stimulate growth.
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cnn.comDuring his speech, Trump also addressed his administration's trade policies, asserting that tariffs have not significantly raised domestic inflation, despite Powell's warnings to the contrary.He claimed that the Fed's actions are influenced by a fear of inflation, stating, "No matter who's president, you have a good quarter, and they want to kill it.".
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washingtonpost.comThe president's economic messaging appears to be resonating less with the public, as recent polling indicates that a significant portion of Michigan residents believe his policies have weakened the economy.According to a local survey, 48% of respondents felt that Trump's economic agenda has made matters worse, while 64% reported higher costs for everyday goods.
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washingtonpost.comIn addition to his criticisms of Powell, Trump announced plans to cut federal funds to cities that do not cooperate with immigration enforcement, further emphasizing his administration's focus on immigration issues alongside economic policies.
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washingtonpost.comHe also hinted at forthcoming announcements regarding healthcare reforms, including a proposal to redirect subsidies from insurance companies to consumers.
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washingtonpost.comAs Trump continues to rally support for his economic agenda, he faces challenges from within his party regarding the direction of economic policy.Some Republican leaders have expressed skepticism about his proposals, particularly concerning credit card interest rates and housing policies.
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washingtonpost.comThe ongoing tension between Trump and Powell raises questions about the independence of the Federal Reserve and the potential implications for US economic policy.Trump's calls for lower interest rates and his threats against Powell could undermine investor confidence and complicate the Fed's ability to manage inflation effectively.
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cnn.comdemocrats-financialservices.house.govAs the Supreme Court prepares to rule on the legality of Trump's tariffs, the outcome could have significant ramifications for his economic strategy and the broader financial landscape.
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washingtonpost.comThe president's focus on tariffs as a tool for economic leverage has been a cornerstone of his administration's approach, but it remains to be seen how these policies will play out in the long term.
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washingtonpost.comIn summary, Trump's recent speech underscores his ongoing conflict with the Federal Reserve and highlights the complexities of his economic policies as he navigates a challenging political landscape ahead of the midterm elections.
