US President Donald Trump seized the opportunity to lash out at Federal Reserve Chairman Jerome Powell on Tuesday during a meeting with Philippine President Bongbong Marcos.
After spending weeks normalizing the White House by publicly criticizing the Fed and attempting to undermine the US central bank's political autonomy, President Trump is working hard to justify his efforts to circumvent US laws that prevent him from having a say in who runs the Fed and what they do.
Donald Trump nominated Jerome Powell to take over the Fed's top job in 2018 and has been very vocal about his displeasure with his own choice. The Trump administration's federal budget is expected to balloon the US deficit by trillions of dollars over the next decade, and his administration is scrambling to find ways to make the already expensive US debt payments more manageable.
US Treasury Secretary Scott Bessent also commented on the Fed on Tuesday. On Monday, Bessent expressed his support for central bank independence (while also hinting that the White House's job is to conduct a "top-to-bottom" review of the Fed and its operations). (alg)
Source: FXstreet
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