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/mqfbXvxzHcADVERTISEMENT
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‘Washington is no longer functional’: Brian Williams admits he’s sad to report that ‘our government is broken’
MSNBC anchor Brian Williams on Tuesday reported that America's federal government is broken.
"This was day 908 of the Trump Administration and while there is no joy in it, one way of summing up today is this: Our government’s broken, our politics are broken, Washington is no longer functional, and the cracks in our society are deepening," Williams reported.
"Much of this day was taken up by the discussion of racist statements by the president. Then tonight came the news that had so many people thinking back to when we were different, the death just tonight of retired Supreme Court Justice John Paul Stevens at the age of 99," he said.
Trump ignored being condemned by Congress and instead praised Republicans on Twitter for defending his racism
President Donald Trump celebrated on Tuesday night despite the House of Representatives having voted earlier in the day to condemn his racist statements.
By a final vote of 240 to 187, Congress voted for a resolution saying, "Trump’s racist comments have legitimized fear and hatred of new Americans and people of color.”
The resolution said Congress “strongly condemns President Donald Trump’s racist comments that have legitimized and increased fear and hatred of new Americans and people of color by saying that our fellow Americans who are immigrants, and those who may look to the President like immigrants, should “go back” to other countries, by referring to immigrants and asylum seekers as “invaders,” and by saying that Members of Congress who are immigrants (or those of our colleagues who are wrongly assumed to be immigrants) do not belong in Congress or in the United States of America.”
The tortured madness of Donald Trump: It’s clear the president is out of his mind
Where’s Shakespeare when we need him? Only the Bard of Avon could do literary justice to the tortured madness of Donald Trump, who fluctuates between petulant self-pity and weird self-praise.
His brags are especially weird because they usually involve achievements he hasn’t made. It’s as though his saying something makes it true — even though everyone except his most naive devotees can clearly see that he’s either hallucinating or lying. In June, for example, at a rally launching his reelection campaign, he retrumpeted an old campaign promise to “drain the swamp,” assuring the adoring crowd that “that’s exactly what we’re doing right now.”