Economics expert explains President Trump’s flip-flop on Fed Chair Powell
President Donald Trump did a flip-flop and now says it is highly unlikely he’ll fire Fed Chair Jerome Powell.
He had suggested otherwise, and word is the president even drafted a letter and showed it to House Republicans.
It is the latest twist in the ongoing saga regarding Trump’s displeasure with the central bank head.
At last report, Trump reiterated his view that he thinks Powell is doing a terrible job and didn’t rule out anything, but it’s highly unlikely he’d fire him unless Powell has to leave for fraud.
Brad Hershbein, a senior economist for the W.E. Upjohn Institute for Employment Research, said the president and Powell disagree on economic policy -- basically on the issue of the status of interest rates -- but firing Powell could cause a major ripple in global markets.
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