"It comes amid Trump's public pressure campaign on Powell, whom he appointed during his first term but has repeatedly condemned for not cutting interest rates at the pace the president would like. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best, Trump posted on his Truth Social site. On top of everything else, he is central casting,' and he will never let you down."
"The statement referenced the apparent compromise Warsh represents. The 55-year-old is known to be in Trump's orbit and has recently called for lower interest rates, although he is expected to stop short of the more aggressive easing associated with some other potential candidates for the job. Still, he is expected to face a punishing Senate confirmation hearing, with US lawmakers likely to be particularly critical given Trump's public comments and the Department of Justice's decision earlier this month to open a criminal probe into Powell."
President Trump nominated former Federal Reserve Governor Kevin Warsh to replace Jerome Powell when Powell's term ends in May. Warsh is 55 and is perceived as close to Trump, having recently advocated lower interest rates while likely avoiding the most aggressive easing proposals. Trump has publicly pressured Powell for faster rate cuts and criticized his decisions. The Department of Justice opened a criminal probe into Powell earlier this month, increasing political scrutiny. Lawmakers are likely to subject Warsh to a rigorous Senate confirmation hearing. The Federal Reserve must combat inflation and support maximum employment while maintaining independence to stabilize markets.
Read at www.aljazeera.com
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