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Home / Business / Fed Chair Jerome Powell's job is safe, says Larry Kudlow

Fed Chair Jerome Powell's job is safe, says Larry Kudlow



Federal Reserve Chairman Jerome Powell holds a news conference after a two-day Federal Open Market Committee meeting in Washington on June 19, 2019.

Kevin Lamarque | Reuters

Federal Reserve Chair Jerome Powell's job is safe – at least for the moment.

The Trump administration is "making no effort" to remove the governor, said White Bank's top financial adviser Larry Kudlow on Tuesday. 1

9659002] "I want to say it unequivocally, at the moment, yes, he's safe," said the National Economic Council Director at CNBC's Capital Exchange event.

President Donald Trump has repeatedly knocked out Powell's Fed interest rate hike during President's conduct. He has urged the central bank to cut prices – which market guards believe it could do later this month.

When the president fumbled on Powell, reports last year said that the White House considered demote or shoot the Fed chairman. Trump later said he "never threatened to demote him," but said he would "be able to do it if [he] wanted."

After a Fed meeting last month where the Fed kept prices stable, Powell said he had no plans to leave the post.

"I think the law is clear that I have a four-year period and I intend to serve it," he said.

A strong June job report raised questions about the Fed needing to cut prices at its meeting later this month. On Tuesday, Kudlow claimed that the central bank should look at low inflation rather than the strength of the economy when deciding to cut prices.

"I'm not so sure that the views I have expressed on price signals or the views expressed by the president are necessarily so far from where the Fed is," he said.

He also called the Fed's latest increase in December in December "unnecessary".

The central bank increased its federal funds reference fund seven times in 2017 and 2018, as it moved away from the level levels deployed in the wake of the financial crisis. The Fed currently has a target rate ranging from 2.25% to 2.5%.

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