Trump calls on Fed Chairman to resign immediately

Washington [US], July 3: US President Donald Trump on July 2 repeated his call for Federal Reserve Chairman Jerome Powell to resign immediately, according to Reuters.
Mr. Powell was nominated by President Trump to head the Fed during his first term. Mr. Trump's successor as president, Joe Biden, has nominated Mr. Powell for a second term.
Mr. Powell's second term as Fed chairman will end in May 2026.
There is no information yet on Mr. Powell's reaction to Mr. Trump's above call.
President Trump confirmed on June 27 that he would choose Mr. Powell's successor if that person committed to cutting interest rates , according to Reuters.
In addition, President Trump continued to increase pressure on Mr. Powell after the Fed Chairman recently decided to keep the Fed's interest rate unchanged. Mr. Trump said he would support Mr. Powell if he wanted to resign because the current Fed Chairman did not move to cut interest rates. In a recent announcement, a White House official said that no decision has been made regarding the appointment of a successor to Fed Chairman Powell.
The Fed has kept its benchmark lending rate unchanged since it last cut it in December 2024 despite pressure from Trump. Powell on July 1 repeated his message that the central bank is waiting to see the impact of Trump's tariffs before deciding on further rate cuts, according to AFP.
"We are trying to bring about macroeconomic stability, financial stability, economic stability, in the interests of everyone," Mr. Powell said at a meeting of top central bank governors in Sintra, Portugal.
"If we want to do that successfully, we need to do it in a completely apolitical way, meaning we don't take sides," Mr. Powell stressed, according to AFP.
Source: Thanh Nien Newspaper