"President Trump got himself one step closer to getting the lower interest rates that he desperately wants with the Friday morning announcement that former Federal Reserve Board of Governors member Kevin Warsh would be his nominee for Federal Reserve chair. "He is 'central casting' and he will never let you down,'" Trump wrote on Truth Social, suggesting that the current Fed chair, Jerome Powell, has let him down a great deal."
"Sometimes, this has made for a funny dynamic, like when Trump toured the under-construction Fed building with Powell and donned a hard hat while accusing the institution of going way over cost on the project. Amid his push to remove him in recent months, he has also called him a "moron," a "jerk," and a "numbskull" for refusing to cut interest rates to the historic lows which propelled the pre-COVID economy of his first term."
President Trump nominated former Federal Reserve governor Kevin Warsh to be Federal Reserve chair to advance lower interest rates. Trump has long criticized current Fed chair Jerome Powell for upholding the divide between politics and monetary policy and has publicly insulted him for resisting rate cuts. The Justice Department opened an investigation into Powell over Fed remodeling costs. Warsh, 55, served on the Fed during the financial crisis, was seen as an inflation hawk and a liaison to Wall Street, and was involved in decisions around Bear Stearns and Lehman Brothers. Warsh will require Senate confirmation and faces concerns from Senator Elizabeth Warren about his Wall Street ties.
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