Powell '100% safe' at Fed, says Trump's aide

Powell '100% safe' at Fed, says Trump's aide

Powell '100% safe' at Fed, says Trump's aide

When asked by local news media about whether Powell's job as Fed chairman was safe, Hassett responded: "Yes, of course".

Reports emerged Friday that Trump discussed with his advisers whether he could fire Powell, as the Fed's announcement of the fourth interest rate hike this year and the continuing stock market losses over the past months fueled the president's dissatisfaction with the central bank governor and the institution he leads.

Hassett also said Trump was happy with Treasury Secretary Steven Mnuchin, who in recent days has talked with top US bankers and convened a call with a working group of regulators who aim to keep financial markets running smoothly.

President Donald Trump has no intention of firing the chairman of the Federal Reserve, despite his barrages of criticism against the central bank, White House economic advisor Kevin Hassett said yesterday.

USA stocks edged up on Wednesday, with the S&P 500 .SPX up 0.2 percent in late morning trading.

Despite the recent stock market plunge, the United States economy is experiencing good numbers, overall, with unemployment at 3.7 per cent, the lowest in half a century, and inflation near the annual goal of 2 per cent.

Donald Trump expressed confidence in the treasury secretary, Federal Reserve and United States economy on Tuesday, moving to calm financial markets further roiled after the report that the president had discussed firing the central bank's chairman over raising interest rates. His comments came after Mnuchin on Monday held a conference call with USA regulators to discuss plunging US stock markets. "They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders". "The banks all confirmed ample liquidity is available for lending to consumer and business markets", the Treasury Department said in a statement. That's my opinion. But I certainly have confidence. "So I think it's a tremendous opportunity to buy". They're raising interest rates too fast because they think the economy is so good.

"We've all been doing that really quite a bit over the few weeks". But I think that they will get it pretty soon.

Trump's comment about safety may be a reference to the idea that higher interest rates would give the Fed more room to cut in order to cushion the economy in case of a downturn.

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