Trump urges Warsh to ignore political pressure on interest rates
president Donald Trump urged federal Reserve Chairman Kevin Warsh to ignore public comments about fiscal policy-including those from Trump himself-and to act “independently.” Speaking at the East Room, Trump said Warsh should “do yoru own thing” and praised his readiness to lead the Fed, noting Warsh is well prepared to help stop inflation while supporting economic growth.
The remarks caught some observers off guard because Trump has previously criticized Fed chair Jerome Powell for waiting too long to cut interest rates and has promoted legal actions against Powell. Critics have worried that Warsh might yield to Trump’s agenda, though Warsh has said during his confirmation process that he woudl be self-reliant.
President Donald Trump urged Federal Reserve Chairman Kevin Warsh on Friday to ignore public musings about fiscal policy — even from the commander in chief himself — and operate “independently.”
“Honestly, I really mean this. This is not said in any other way. I want Kevin to be totally independent,” he told the East Room crowd. “I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody. Just do your own thing, and do a great job.”
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Trump’s comments surprised some, as he’s spent the past year-and-a-half criticizing outgoing chairman Jerome Powell for being “too late” to cut interest rates. The president has even pushed federal indictments against Powell, related to the long-delayed renovation of the Federal Reserve’s headquarters in Washington, D.C., which critics have claimed was an attempt to influence fiscal policy.
Trump critics have raised concerns about Warsh caving to the president’s fiscal policy demands, yet he has vowed independence throughout his confirmation process.
The president praised Warsh on Friday, saying that “no one in America is better prepared to lead the Federal Reserve than Kevin Warsh.”
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“We want to stop inflation, but we don’t want to stop greatness. And so that’s really a very good thing, a very positive thing. And that’s what he’s looking to do. He’s looking to do positive economic growth,” Trump said. “America’s future will truly be unlimited with Kevin at the helm, and he’s off to an incredible start.”
You can watch Trump’s comments in full below.
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