(Finance) – If he were re-elected, Donald Trump would not confirm Jerome Powell as chairman of the Federal Reserve. He said this during an interview with Fox Business, adding that the central banker was wrong about inflation and saying he had a couple of names for the role, even if he didn’t want to reveal who they are.
Powell took office as president of the US central bank in 2018, after being selected by then-President Trump. He was then sworn in for a second term under President Biden in 2022.
According to Trump, Powell “will do something about help the DemocratsI believe, if it lowers interest rates“.
“But there is the risk of massive inflation occurring again, because the Middle East could drive up the price of energy – he continued – And in the Middle East, once again, bombs are falling everywhere and ships are starting to get hit and hit hard. If this happens, there will be tremendous spikes in the price of oil. And if that happens, there will be major inflation. He won’t be able to do anything. But it seems to me that he is trying to lower interest rates for the sake of, perhaps, getting people elected.”
So far, recent tensions in the Middle East have not had much of an effect on oil prices. The WTI stands at $72 per barrellevel almost the same as when the problems in the Red Sea began.