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Insider: Mnuchin Urged Trump Not to Fire Powell
BlockBeats News, July 20th, according to The Wall Street Journal, sources familiar with the matter said U.S. Treasury Secretary Mnuchin recently advised Trump privately in the past few days that he should not attempt to remove Federal Reserve Chairman Powell. Mnuchin's reasons mainly focus on the potential impact on the economy and markets, the Fed's likely rate cuts later this year, and the political and legal obstacles to removal.
Mnuchin believes that firing Powell is unnecessary because the economy is performing well, the market has reacted positively to the president's policies, and Fed officials have signaled that they may cut rates twice before the end of the year. If Powell is fired before the end of his term, he could file a lawsuit, which could drag into next spring when Powell's term would naturally end. Mnuchin also pointed out that Governor Quarles' term ends in January next year and Powell's term ends in May, providing Trump with one to two vacancies to fill at the beginning of next year. Mnuchin's cautious approach contrasts with some government officials considering more aggressive strategies. Trump had told reporters on Tuesday that he finds Mnuchin "very calming."
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