Trump’s relationship with the Wall Street Journal enters another challenge.
President Donald Trump has reacted angrily to a Wall Street Journal report that he is considering firing the central bank chairman, denying it.
The report said Treasury Secretary Scott Besant had personally tried to talk Trump out of firing Jerome Powell, the Federal Reserve chairman.
The Hill reported that Trump is seriously considering firing Jerome Powell over his handling of interest rates. Lawyers say Trump lacks the legal authority to unilaterally fire the Fed chairman, and reports that he might do so have sent Wall Street into a tailspin in recent days.
“The Wall Street Journal ran a false report today, as usual, claiming that Treasury Secretary Scott Besant told me that firing Jerome Powell, the worst Fed chairman in history, too late would be bad for the market,” Trump wrote in a post on the social media platform Truth Social on Sunday.
He added: “Nobody needs to explain this to me. I know better than anyone what is good for the market and for America. If it weren’t for me, the market wouldn’t have reached historic records now, it would probably have crashed! So get your information right. Nobody explains anything to me; I explain it to others!”
This is while the central bank, in response to this news, announced that it had nothing to say.