Trump Demands Fed Chair Powell’s Resignation Over Misleading Allegations

Donald Trump has called for Federal Reserve Chair Jerome Powell to resign immediately following claims Powell misled Congress regarding renovations at the Fed’s headquarters in Washington, D.C.

The call for Powell’s resignation has significant economic implications, potentially affecting interest rate policies and the broader financial markets.

Trump Alleges Powell Misled Congress on Fed Expenses

Trump’s call for resignation comes amid allegations against Powell for misleading Congress about the Federal Reserve’s renovation expenditures. Trump has reiterated his dissatisfaction with Powell’s interest rate policies, notably expressing the desire for a Fed Chair who would endorse rate cuts. Axios detailed Trump’s criticisms of Powell in a recent statement.

Potential changes in Fed leadership could impact monetary policy, as Trump favors a shift towards lowering interest rates. This disagreement highlights ongoing tensions between the executive branch and the central bank over policy direction.

Market observers anticipate volatility, especially in risk-laden assets, as shifts in leadership and potential changes in interest rate strategies unfold. Reactions have been swift, but Powell has consistently refuted all accusations, reinforcing confidence in his policy direction during Senate hearings.

Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States. – Donald Trump

Bitcoin Surges as Markets Brace for Potential Fed Shift

Did you know? The public friction between Trump and Powell mirrors past presidential interventions in Fed leadership, which typically spurs market volatility, echoing previous patterns of temporary asset rallies seen in the Fed Chair transitions of Yellen and Bernanke eras.

Bitcoin (BTC) currently trades at $108,911.17 with a market cap of $2.17 trillion and a dominance of 64.34%, according to CoinMarketCap. BTC gained 0.85% over the last 24 hours, driven by a 90.98% surge in trading volume.

Experts at Coincu indicate that the potential resignation of Powell could lead to broad financial impacts and market recalibrations. Fox Business reports on potential candidates to replace Powell. Historical trends highlight the link between interest rate policies and crypto performance, emphasizing Bitcoin’s sensitivity to macroeconomic cues.