US President Donald Trump lashed out at outgoing Federal Reserve Chairman Jerome Powell on Thursday saying he "can not get a job anywhere else and nobody wants him" after the latter announced he would remain on the Fed's Board of Governors beyond his chairpersonship.
The decision that, reportedly, denies Trump the chance to fill his seat with a loyalist lead mocking him in a post on his Truth Social account.
"Jerome 'Too Late' Powell wants to stay at the Fed because he can't get a job anywhere else — Nobody wants him." the president wrote, that revived his long-running feud with the central bank chief.
The attack came hours after Powell, at what is likely to be his final press conference as Fed chair, announced he would stay on as a governor "for a period of time to be determined" — citing what he called "unprecedented" legal attacks on the Fed's independence by the Trump administration, saying his concern was about "a series of illegal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors."
By staying on, Powell for the moment denies Trump a majority on the Board of Governors. It would also be the first time a Fed chair has remained on the board as a governor since 1948,— with both a sitting and former chair simultaneously on the board.
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Powell denied his decision was politically motivated. "I'm literally staying because of the actions that have been taken. I had long planned to be retiring," he said.
Earlier on Wednesday, the Senate Banking Committee voted 13-11 along party lines to advance Trump's nominee Kevin Warsh to a full Senate confirmation vote, setting the stage for a handover of the chairpersonship in mid-May. Powell said he welcomed the transition, congratulating Warsh and adding he intended to "keep a low profile as a governor."
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Trump's nickname "Too Late" — a longstanding dig at Powell for what the president considers delayed rate cuts — signals that despite the imminent change at the top, the White House's war with the Fed is far from over.
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