Gate News bot news, The Federal Reserve (FED) Chairman Powell will deliver a speech at the European Central Bank Central Bank Forum on Tuesday. Meanwhile, the White House is intensifying plans to replace Powell, and the internal divisions within the Federal Reserve (FED) are becoming increasingly difficult to ignore. Treasury Secretary Bentsen stated on Monday that someone may be ready to succeed Powell when his term ends.
He also stated that the government may arrange for someone to fill a key vacancy on the Federal Reserve Board in January next year, and this person may subsequently take over as chair. Shortly after Bessent made the above remarks, Trump escalated his attacks on Powell and the Federal Reserve, accusing them of keeping interest rates at excessively high levels, which has led to the United States losing “trillions of dollars,” and that the Federal Reserve “should be ashamed of itself.”
At the same time, the divisions within the Federal Reserve are widening. Two officials appointed by Trump—Waller and Bowman—are calling for a rate cut as soon as July. This split is having a negative impact on the fragile economy. The non-farm report for June, released on Thursday, may complicate the outlook.
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