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03:13
US: Trump says termination of Fed chair 'cannot come fast enough'
SHOTLIST: WASHINGTON DC, US (OCTOBER 18, 2021) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 1. WIDE SHOT OF VEHICLES DRIVING NEAR US CAPITOL BUILDING 2. VARIOUS OF FED BUILDING WITH EAGLE STATUE OVER ENTRANCE AND FLAGS ON ROOF 3. SIGN ON FRONT WALL READING “MARRINER S. ECCLES FEDERAL RESERVE BOARD BUILDING 1936” 4. VARIOUS OF FED BUILDING WITH EAGLE STATUE OVER ENTRANCE AND FLAGS ON ROOF 5. VEHICLES PASSING BY FED BUILDING 6. TIGHT SHOT OF EAGLE STATUE WASHINGTON DC, US (APRIL 19, 2022) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 7. VEHICLES PASSING BY FED BUILDING ( SHOTS) 8. TIGHT SHOT OF EAGLE STATUE 9. VARIOUS OF FED BUILDING WASHINGTON DC, US (JAN. 29, 2025) (ANADOLU - ACCESS ALL) (FILE FOOTAGE) 10. US FEDERAL RESERVE CHAIR JEROME POWELL ARRIVING AT PRESS CONFERENCE AREA 11. (SOUNDBITE) (English) US FEDERAL RESERVE CHAIR JEROME POWELL SAYING: "In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. I'll have more to say about monetary policy after briefly reviewing economic developments. Recent indicators suggest that economic activity has continued to expand at a solid pace. For 2024 as a whole, GDP looks to have risen above 2 percent, bolstered by resilient consumer spending. Investment in equipment and intangibles appears to have slowed in the fourth quarter, but was strong for the year overall. Following weakness in the middle of last year, activity in the housing sector seems to have stabilized. In the labor market, conditions remain solid. Payroll job gains averaged 170,000 per month over the past three months. Following earlier increases, the unemployment rate has stabilized since the middle of last year and, at 4.1 percent in December, remains low. Nominal wage growth has eased over the past year, and the jobs-to-workers gap has narrowed."WASHINGTON DC, US - FILE FOOTAGE - 2021, 2022, 2025: US President Donald Trump on Thursday pushed for an early end to the tenure of Federal Reserve Chair Jerome Powell, faulting him with a reluctance to cut interest rates. On social media, Trump called Powell "always too late" to cut rates and added: "Powell’s termination cannot come fast enough!" It is not clear if Trump referred to end of Powell's regular term or if he wanted to fire him, which Powell has repeatedly said would be illegal. Fed chairs are nominated by the president and confirmed by the US Senate; Powell’s term is set to end in 2026 at the earliest. Contrasting Powell with the European Central Bank, Trump wrote: "The ECB is expected to cut interest rates for the 7th time, and yet, 'Too Late' Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete 'mess!'” "Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS," he said, referring to his recently imposed higher tariffs on US trading partners, as well as retail egg prices, a frequent theme of Trump’s 2024 presidential campaign. He added: “Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now.” Driven largely by the bird flu outbreak, US retail egg prices rose in both February and March, according to US Bureau of Labor Statistics figures. Trump's remarks came after Powell warned Wednesday that Trump’s tariffs are "highly likely" to cause at least a temporary rise in inflation. "The inflationary effects (of the tariffs) could also be more persistent. Avoiding that outcome will depend on the size of the effects, on how long it takes for them to pass through fully to prices, and, ultimately, on keeping longer-term inflation expectations well anchored," Powell said. Trump previously urged Powell several times to cut interest rates and criticized his “lateness” in cutting rates. In 2024, ahead of the November election, then-candidate Trump said Powell should not lower rates, saying that doing so would “help the Democrats,” his political opponents.
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