A Republican senator has come out in support of Federal Reserve Chairman Jerome Powell, backing him against President Donald Trump’s criticism. The senator, who prefers not to be named, stated that they believe Powell is doing a “great job” as the head of the Fed.
Powell and the Fed have been under attack by Trump, who has criticized their monetary policies. However, the senator disagrees with Trump’s stance, arguing that Powell’s actions are in line with the Fed’s long-term goals.
The senator’s statement was seen as a significant boost to Powell, who has faced criticism from both Republicans and Democrats. The Fed is set to meet on July 26-27 to discuss interest rates and other economic issues.
Trump has threatened to fire Powell if he doesn’t increase interest rates, but the senator says this would be a mistake. They believe that increasing interest rates would lead to higher inflation, which could hurt the economy.
The senator’s support for Powell is seen as a rare display of bipartisanship in Washington. It highlights the growing divide between Trump and many Republicans who disagree with his views on the Fed and the economy.
Source: https://www.ft.com/content/8fc4279c-7098-48d9-b21d-be24a42c1ae4