Donald Trump Wants To Fire Chairman of the Federal Reserve Jerome Powell

Donald Trump

If there’s one thing which is negatively impacting the US market, then it’s the recent decision of federal reserve to raise the interest rates, but President Trump is not happy with this decision of Feds. A few days ago the chairman of Federal reserve for the fourth time in this year announced to increase the interest rates due to this decision the US stock market is going into the panic. From last few days, the US stock market is not performing good because Dow Jones Industrial Average has dropped 7 percent this week. However, due to such decline of US market president Donald Trump is thinking of firing Fed’s chairman Jerome Powell for creating such chaos in the US stock market.

However, according to experts, a president does not have powers to fire the chairman of Fed also many administrators are advising President Trump not to take such kind of decision. When it comes to the removal of chairman, it can be done only if that person broke any law otherwise a president does not have any type of rights to fire the chairman of Fed. However, Trump had already shown his anger over Jerome Powell’s decision of raising interest rates which are slowing down the country’s economy despite the rate of unemployment has decreased from the last few months.

While talking about the Fed’s decision of raising further interest rates the president Donald Trump a few days ago said in a press conference that “The Fed has gone crazy and they are making a huge mistake.” This statement shows how much tension the Fed is causing Trump’s decisions and we will have to wait to see what decision President Trump is going to take to restore the position of the US stock market.

About the Author

Steven Burnett
Being one of the leading news writers of the dailyheraldbusiness, Steven holds a specialization in the domains of business and technology. The passion he has for the new developments in the connected devices, cloud technology, virtual reality, and nanotechnology is seen through the latest industry coverage which is done by him. His take on the consequences of digital technologies across the world gives his writing a modern and fresh outlook.

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