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Warren Buffett calls the Fed Chair Jerome Powell the right man for the job



Warren Buffett, the 88-year-old billionaire investor, believes the Federal Reserve mayor Jerome Powell is the best fit for the job, despite criticism from the White House.

"There is no better than Jay Powell to run the Fed," Buffett told Saturday at FOX Business & # 39; Liz Claman during the annual Berkshire Hathaway shareholder meeting.

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President Trump has often criticized the Fed and Powell for what he perceives as impeding economic growth. In 201

8, the Fed voted to increase the benchmark federal interest rate four times, much to Trump's ire. However, in 2019, it was preferable to wait and leave the interest rate unchanged.

Prior to the FOMC's two-day meeting this week, Trump called politicians to lower interest rates by 1 percent. However, referring to subdued inflation, the Fed voted to keep interest rates stable.

"Our federal reserve has continuously raised interest rates, even though inflation is very low and a very large dose of quantitative tightening. We have the potential to rise like a rocket if we did some lowering of prices, as one point, and a little quantitative relief, "wrote Trump in a series of tweets.

Buffett said he understood Trump's desire to influence the Fed by the Fed.

"Presidents have always wanted it," he said. "Especially with the election year coming up. So it's not unusual."

However, he admitted that "the right relationship" between the Fed and the White House is one where the central bank remains independent.

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