President Donald Trump economic advisor Stephen Moore said the president was “infuriated” with Federal Reserve Chairman Jerome Powell and is considering firing him.
Moore suggested the Federal Reserve Board Sunday in his appearance on New York AM 970 radio’s “The Cats Roundtable” should be “thrown out for economic malpractice,” adding that Powell is “wrecking our economy.”
“I believe the people on the Federal Reserve Board should be thrown out for economic malpractice,” he told host John Catsimatidis. “What they did on Wednesday when the Fed chairman was speaking and telling the world that they were going to raise the interest rates – the stock markets just in the 45 minutes he was speaking dropped by 600 points. There is no inflation in the economy right now. They’re sucking the oxygen out of this booming economy that Trump has created. I don’t see any rationale for what the Fed did. We need to be putting more dollar-liquidity into the economy because there’s such a demand for dollars now all over the world. Everybody wants to invest in the United States and at the same time the world wants more dollars. The Fed is sucking them out of the economy. And it has really hurt the stock market.”
Moore added that Powell “is the swamp” Trump came into office wanting to drain out of Washington D.C.
He stated, “The big question now, John, that’s been debated is whether Donald Trump has the authority as president to replace the Federal Reserve chairman. … The law says, I believe, he can replace the Federal Reserve chairman for a cause. And I would say the cause is that he’s wrecking our economy.”