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Treasury secretary Scott Besant has voiced his support for the central banker, amidst increasing tension between the White House and the Federal Reserve Chairman Jerome Powell.
“There is nothing that tells me that he should step now. He has been a good public servant,” said Besant during an interview with Fox Business on Tuesday (July 22). “His term ends in May. If he wants to see it, I think he needs.”
However, Besent said that if Powell chooses to take a quick step, “I think she needs, but I think there is a real chance for her, for her legacy-that she gives the right shape to Fed’s non-modern policy tasks.”
Powell faced Trump’s anger at rates
President Donald Trump has repeatedly criticized Pavel’s high interest rates, blaming him for slowing the economy.
“He is a Sunnakul,” Trump recently said. “He keeps the rates too much, and perhaps it is doing it for political reasons.”
Trump said earlier, “I don’t tell anything, but I think it’s not very likely – until they have to leave for fraud.” – Reference to the ongoing dispute over the renewal of $ 2.5 billion of Fed buildings.
Allegations of overspeed spark review call
Renewation has criticized Trump colleagues, including the major bill chulles of housing-finance, who accused Powell’s testimony about the project, which was “misleading” without offering details.
Bessent has called for an internal review of Fed’s non-monetary activities. “They just print money to spend it,” he said. “And I think it should be reviewed completely.”
Since the 2008 financial crisis, Besent said, Fed has been engaged in what Fed has said to the “profit-of-two-monetary policy”, which has a balloon-unlike the Treasury department, which he mentioned by 17% cut last year.
Fed Oversite responds to concerns
In response to the growing investigation, Powell wrote to Trump’s budget head Ras Wout, stating: “We take the responsibility of being good steward of public resources seriously because we fulfill the duties given by the Congress to the Congress by the American people.”
Powell’s future is still unclear
Pavel’s term ends in May 2026, but his long term as Fed Governor lasts until January 2028.
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