Jerome Powell is allegedly considering resigning as the Fed Chair, a development that could be bullish for the crypto market. This comes amid criticisms from US President Donald Trump, who is pushing for a 300-basis-point (bps) Fed rate cut.
FHFA Chairman Comments On Jerome Powell’s Possible Resignation
In an X post, William Pulte released a statement commenting on reports that the Fed Chair is considering resignation. The FHFA Chairman didn’t allude to any reports in particular but remarked that such a move from Jerome Powell would be the “right direction for America, and the economy will boom.”
It is worth mentioning that Pulte had called for an investigation into the Fed Chair earlier this month. He urged Congress to investigate Powell for alleged untrue statements in his Senate testimony.
Meanwhile, this statement about Jerome Powell allegedly considering resignation comes amid Trump’s criticism of the Fed Chair and his push for a 300 bps rate cut. The president remarked that the Fed should cut rates rapidly, as there was no inflation.
He also indicated that a Fed rate cut would be perfect to reflect the current strength in the market, with crypto prices through the roof and the stock market reaching new highs. However, the Fed Chair has declared that they are in a good position to wait and see the impact of tariffs on inflation rather than hurry to cut rates.
Trump again stated today that he thinks Jerome Powell is doing a terrible job. However, he revealed that he has no plans to sack the Fed Chair. Powell’s tenure as Fed Chair doesn’t end until May next year.
Meanwhile, in an interview, Senator Cynthia Lummis also declared that there is a need for a new Fed and that Powell needs to go now. She alluded to his delay in cutting rates as one of the reasons he needs to leave.
Bitcoin Price Rises On The News
The Bitcoin price rose to $118,000 from around $117,400 on the back of Pulte’s statement that Jerome Powell is considering resigning as the Fed Chair. His potential resignation could be bullish for BTC and the broader crypto market since a rate cut could occur after Powell’s departure.
Powell’s departure might be the only way the market gets a rate cut anytime soon. As CoinGape reported, there is a 95% chance that the Fed will keep rates unchanged at the upcoming July 30 FOMC meeting.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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Source: https://coingape.com/jerome-powell-allegedly-considering-resignation-amid-trumps-criticism/