Trump on demoting Fed Chair Jerome Powell: 'Let's see what he does'
Bloomberg News reported Tuesday morning that the White House had looked into demoting Powell in February. Top White House economic advisor Larry Kudlow told reporters that the Trump administration wasThe Fed will make a decision on interest rates on Wednesday at 2 p.m. ET, concluding a two-day meeting. The central bank is, but investors are hoping for the central bank to signal a rate cut as soon as July. Powell will be holding a news conference Wednesday following the decision.
Stocks have rallied this month in part because investors expect the Fed to ease its monetary policy stance. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite are all up more than 6% for June through Tuesday's close. Traders are pricing in a more than 80% likelihood that the Fed will cut rates next month, according to the CME Group FedWatch tool.
Trump in recent days has pressured the Fed under Powell not to raise rates, claiming that comparatively lower interest rates for the euro
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