US President Donald Trump told Steven Mnuchin, the Secretary of the Treasury, that he "never suggested firing Chairman Jay Powell" over the "absolute terrible" increasing of interest rates by the Federal Reserve.
"I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time, especially in light of my major trade negotiations which are ongoing...," Mnuchin quoted Trump as saying on Twitter on Saturday (local time).
"...but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so," Trump further told the Secretary of the Treasury.
Trump's clarification through Mnuchin comes in the wake of speculations that the President discussed the legality of firing Powell with his advisers.
While the law allows the President to fire a Federal Reserve Governor, it's not clear whether the same applies for a Chairman, according to CNN.
Disclaimer: No Business Standard Journalist was involved in creation of this content
