Federal Reserve Chairman Jerome Powell sounded a defiant note on Wednesday as he announced that there would be no further cuts to interest rates for the time being.
Even though President Donald Trump has been publicly calling for a rate cut to spur additional economic growth ahead of his reelection campaign, Powell kept interest rates at their current level and signaled that he did not foresee any interest rate cuts for the rest of the year.
Powell was asked by a reporter if he was concerned about being “demoted” by Trump in the wake of this announcement, the Federal Reserve Chairman said he wasn’t worried.
“I think the law is clear that I have a four-year term and I fully intend to serve it,” he replied.
House Speaker Nancy Pelosi (D-CA) slammed the president’s threats to the independence of America’s central bank and said that “the last thing we need is a president threatening the chairman of the Fed” to help his reelection campaign.
“This is very, very wrong,” she added.
Watch the video of Powell below.
Highlight: Fed Chair Jerome Powell on Trump’s tweets about demoting him: “I think the law is clear that I have a 4-year term, and I fully intend to serve it.” pic.twitter.com/mqfbXvxzHc
— Yahoo Finance (@YahooFinance) June 19, 2019
Trump slams ‘partisan’ whistleblower, Biden pushes back
US President Donald Trump on Friday vigorously rejected a whistleblower's claim of wrongdoing, amid reports he used a call with Ukraine's president to pressure him to investigate the son of Trump's Democratic rival Joe Biden.
The whistleblower's secret complaint has triggered a tense showdown between Congress, whose Democratic leaders are demanding to review the complaint, and the executive branch which has barred them from doing so.
It has also raised concerns Trump sought to strong-arm Ukraine into providing damaging information on the president's possible 2020 challenger, which would represent dangerous foreign meddling in the US election -- similar to the interference blamed on Russia in 2016, when Trump defeated Hillary Clinton.
Dem senator accuses the FBI of a carrying out a ‘cover-up’ for Brett Kavanaugh — and calls for an investigation
Old wounds were reopened this week when a New York Times article, written by Robin Pogrebin and Kate Kelly, focused on Deborah Ramirez — one of the women who, in 2018, accused U.S. Supreme Court Justice Brett Kavanaugh of sexual misconduct. And Sen. Sheldon Whitehouse of Rhode Island, in a USA Today op-ed published on Friday, argued that Kavanaugh wasn’t adequately vetted as he should have been.
Millions around the world joined #ClimateStrike — demanding bold climate action
Masses of children skipped school Friday to join a global strike against climate change that teen activist Greta Thunberg said was "only the beginning" in the fight against environmental disaster.
Some four million people filled city streets around the world, organizers said, in what was billed as the biggest ever protest against the threat posed to the planet by rising temperatures.
Youngsters and adults alike chanted slogans and waved placards in demonstrations that started in Asia and the Pacific, spread across Africa, Europe and Latin America, before culminating in the United States where Thunberg rallied.