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Home / Business / Fed boss Powell has had several short phone calls with Trump in 2019

Fed boss Powell has had several short phone calls with Trump in 2019



President Donald Trump shakes hands as he announces his nomination for chairman of the Federal Reserve, Jerome Powell, of the Rose Garden of the White House in Washington, DC, November 2, 2017.

Saul Loeb | AFP | Getty Images

President Donald Trump and the Federal Reserve Chair Jerome Powell has spoken several times on the phone in 2019, according to the central bank's website.

The Fed's public calendar showed that the couple spoke for five minutes in May 20, among Trump's increased criticism of the central bank's interest rate and monetary policy. The conversation represents the fourth published call between the two of this year, with May's telephone conversation following similar talks in April and March, as well as a dinner meeting in February.

CNBC could not immediately determine the contents of these calls. 1

9659006] The meeting and the conversation came as the president attacked both Powell and the Fed as an institution for what he sees as restrictive interest, which he claims undermines US trade negotiations and curbs GDP growth. The administration's frustration at rising interest rates had become so severe that the White House had been trying to explore the possibility of "legal demoting" the Fed boss.

Briefly about addressing this criticism, Powell said at Fed's latest press conference in mid-June that he is not planning to leave the central bank anytime soon.

"I think the law is clear that I have a four-year period and I intend to serve it," Powell said at a press conference in Washington.

Asked later at the event when it might be appropriate to publicly address Trump's criticism, Powell said he did not "discuss elected authorities publicly or privately." The Wall Street Journal first reported in May the telephone call between Powell and Trump.

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