BlockBeats came up with a breaking news story. According to the platform, Francesco Binachi, the celebrated economics professor, Donald Trump could be serious about dismissing Jerome Powell.
Last week, a threat surfaced around the same issue. However, that was aired more by Binachi;s comments. The popular Johns Hopkins University professor said that Trump might be actually following through. His decision to dismiss the Federal reserve Chairperson may come in anytime.
Banshee notes something else, more important. He observed that Trump is making public campaigns to emphasize interest rate cuts. This could, however, exert major pressure on the federal decision-making approach. So whether Jerome will follow suit and take an exit or go on with the interest rate policy would be an interesting trial!
Trump’s threat last week raised concern among all Fed members. The Federal Reserve dreads that the body could be politically bashed in case there is an economic recession anytime soon. Hence, it is more likely that the Fed won’t be following its original footsteps anymore.
Powell’s reaction
Powell has made it clear that he is not thinking of interest rate cuts right now. He is rather interested in cashing in on the interest gained from the crypto market. However, the pro-crypto president might heavily disagree with his proposal.
Due to the tussle, the stock market tussle gained more fuel. Now, several assets have dropped their prices, amidst this turmoil. Bianchi now finally thinks that it’s time for Trump to live up to his threat and make Powell retire for good!
