Former Federal Reserve Chair says Trump’s comments attacking Jerome Powell could do real damage
Former Federal Reserve Chair Janet Yellen says the U.S. economy “is doing well” and President Donald Trump doesn’t understand the central bank.“I doubt that he would even be able to say that the Fed’s goals are maximum employment and price stability, which is the goals that Congress have assigned to the Fed,” she said in an interview with American Public Media’s “Marketplace” program, published on Monday.
economy’s ‘only problem’ Yellen, the first woman to lead the Fed, stepped down in February 2018 after Trump passed her over in favour of Jerome Powell, breaking with a long tradition of incoming presidents reappointing the incumbent central bank chief.He may have been Trump’s pick, but that hasn’t spared Powell from being attacked publicly by the president over Fed rate increases. Yellen said such attacks could do real damage.