Republican senator backs Powell over Trump attacks on Fed

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A Republican member of the Senate Committee, which oversees the Federal Reserve in Donald Trump’s attacks on Jay Powell, said that there is no president who has the authority to launch the President of the US Central Bank.

“I do not think that the president, a president, has the right to remove the Federal Reserve Speaker,” said John Kennedy, a Republican Louisiana, who sits in the Senate Banking Committee on Sunday. “I think the federal reserve should be independent.”

The notes come a few days after Trump’s indication that he believes he has the Powell’s launch power, and he told reporters at the Oval Office on Thursday: “If you want to go out, he will come out quickly, believe me.”

Relations between the American President and the head of the central bank, who nominated him, has become increasingly tense in the face of the Federal Reserve frequency in reducing interest rates since Trump returned to the White House in January.

The main boycott, including Powell, says that Trump’s tariff threatens the growth of Dent and the raising of prices-the Federal Reserve’s status in what its president described on Wednesday as a “difficult scenario” in which it will be forced to defend its accreditation data in fighting inflation above all.

The observations made by the President of the Federal Reserve, who pledged to stay in office until the end of his term in May 2026, led to Trump to the social truth on Thursday to say that “Powell end could not come quickly enough!”

On Sunday, Kennedy defended the Federal Reserve’s focus on maintaining inflation in the choice, saying: “My experience with Jay Powell is that he got the blood of the tiger. He will do what he is thinking about right, and he will not go down in history as he was the Federal Reserve Speaker who allowed inflation to become wild in March, and he does what he believes will do so.”

Inflation in personal consumption expenditures reached its highest level since the early 1980s in 2022 and is still higher than the central bank’s goal by 2 percent by 2.5 percent.

Some officials of the Central Bank believe that the customs tariff may lead to an increase in annual prices to an increase of 5 percent later this year – in the event of Trump’s re -introduction to the scale announced on April 2.

On Sunday, Austan Golsby, Chairman of the Federal Reserve in Chicago, said on Sunday that many companies were “purchasing a pre -emptive” products that could be affected by definitions, which means that “the activity may seem artificially high” before the summer decrease.

When asked about Trump’s attacks on Powell, Golsby indicated that in the countries where the independence of the central bank was challenged, “the inflation rate is higher, growth is slower, the labor market is worse.”

“I hope that we will not move ourselves to an environment in which criticism is independent.” “This would undermine the credibility of the Federal Reserve.”