Donald Trump accused Federal Reserve Chair Jerome Powell of considering rate cuts to help Joe Biden and Democrats in the November presidential election.
“I think he’s going to do something to probably help the Democrats, you know. I think if he lowers interest rates,” Trump said in an interview with Fox Business Network’s Maria Bartiromo on Friday when asked if there will be another recession.
“It looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know,” Trump added.
“So you think he’s political? He’s just going to cut rates to help Biden?” Bartiromo asked.
“I do, I think he’s political,” Trump responded.
Trump nominated Powell for Fed Chair in 2017 and he was reappointed by Biden in 2021.
The Fed chair cannot be fired, but the president is responsible for nominating a candidate every four years for approval by Congress, CNN reported.
In Friday’s interview, Trump said he would not reappoint Powell as Fed Chair if he is reelected. He claims to have people lined up to replace Powell but did not name them.
