Trump Demands Immediate Resignation of Federal Reserve Chairman Powell

US President Donald Trump has demanded the resignation of the Chairman of the Federal Reserve, Jerome Powell. Trump made this demand through his social media platform, Truth Social, stating that Powell should resign with immediate effect.

During his first term as president, Trump had nominated Powell as the head of the Federal Reserve Bank. However, he has repeatedly criticized Powell for not lowering interest rates, which Trump believes is necessary to boost economic growth.

Despite the ongoing criticism, international media have reported that it remains unclear whether President Trump actually has the authority to remove Powell from his position. 

Earlier this year, Trump had said that he had no intention of firing Powell. But now, with the economic pressure mounting and Trump pushing for stronger growth, he seems to be renewing his pressure on the central bank.

Trump wants the Federal Reserve to reduce interest rates in order to stimulate the economy. Meanwhile, Powell has stated that if Trump’s tax policies had not negatively impacted the economy, the Federal Reserve might have already lowered interest rates by now.