WH: No plans to fire Jerome Powell

OAN Newsroom
UPDATED 3:50 PM PT – Sat. Dec 22, 2018

Despite speculation, the White House announces it has no plans to replace Federal Reserve Chairman Jerome Powell.

White House Press Secretary Sarah Sanders verified the position Saturday, responding to a recent report from Bloomberg.

The report claims President Trump has been voicing his frustrations with Powell as of recently.

Federal Reserve Chairman Jerome Powell speak at a news conference in Washington, Wednesday, Dec. 19, 2018. The Federal Reserve is raising its key interest rate for the fourth time this year to reflect the U.S. economy’s continued strength but signaling that it expects to slow hikes next year. (AP Photo/Susan Walsh)

Further, the president has grown frustrated with the Federal Reserve chair for hiking interest rates this week, marking the third increase this year.

Some Republicans have suggested the reasoning for the hike could be an attempt to slow down the country’s booming economy.

However, Powell said politics didn’t come into play regarding his decision.

Stocks plummeted following the announcement by the Federal Reserve. Investors hope it rebounds, before entering a bear market.

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