US senator Elizabeth Warren has warned that if President Donald Trump later moved to burn the federal reserve chair Jerome Powell, it could break the investor’s confidence in the integrity of US capital markets and to undermine a finance -financial crash.
In a look at CNBC, the Senator of Massachusetts Says The President has no legal authority to remove Powell from his position. In addition, Powell removal will weaken US finance infrastructure, Warren added:
“If Chairman Powell could be fired by the President of the United States, it would crash the markets. The infrastructure that maintains this strong stock market and, therefore, a big part of our strong economy, and a big part of the world’s economy, is the idea that large pieces are moving independently of politics.”
“If interest rates in the United States are subject to a president who only wants his magic wand to wave, it will not distinguish us from any other two-bit dictatorship,” Warren continued.
Repeating President Trump Called For Powell’s termination, chairman is mentioned Claiming to lower interest rates. Lower interest rates are usually considered a positive catalyst for risk-on asset prices, including cryptocurrencies, and may reverse the market collapse brought by the trade war and current macroeconomic pressure.
Related: Fed’s Powell Support for Stablecoin Law
Trump’s dispute with the Federal Reserve chairman
Trump criticized Powell For not cutting interest rates and called his termination again in an April 17 fact that social PostThat inflammatory speculation -he’ll follow the threats and find a way to get rid of the chairman.
Senator Rick Scott wrote Trump’s calls to remove Powell. “It’s time to clean the house of all working in the Federal Reserve that is not riding in helping Americans and fighting for their best interests,” Scott wrote in an opinion piece Published in Fox News.
The Trump administration has repeatedly said that lowering interest rates is a top priority. The market analyst and investor Anthony Pomplano recently thought about Trump meant financial markets to force lower interest rates.
At this time, Pompliano cited a reduction in the yield of the US 10-year Bond of the US treasury to just 4%. The 10-year bond yield has risen to 4.3% since.
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