The dollar at a minimum of three years
On the day of Monday, the Dow Jones industrial index lost 2.48%, while Nasdaq fell 2.55%and the S&P 500 fell 2.36%. For its part, the dollar fell to its lowest level in three years because Trump’s threats endangers the independence of the Central Bank.
Last week, the president of the US said his team examines whether they will dismiss the president of the Federal Reserve for his refusal to lower interest rates.
“I’m not happy with him. I let him know and if I want him to leave, he will leave there very fast, believe me,” said Donald Trump on Thursday, April 17.
To dismiss Jerome Powell from his position he would have to initiate a long process and demonstrate that he committed a serious offense.
Trump named Jerome Powell to direct the Fed during his first term in 2018, but now accuses him of politicizing the US central bank.
Who is Jerome Powell?
A Powell feature is that he is not a training economist, but a lawyer, and is the first former investment manager to occupy the presidency of the most powerful central bank in the world.
He assumed the position on February 5, 2018, for a period of four years, however he was re -elected and swore for a second four -year term on May 23, 2022.
Before his appointment, Powell was a visiting professor at the Bipartisan Policy Center in Washington, DC, where he focused on federal and state tax issues. From 1997 to 2005, he was a partner of The Carlyle Group.
He served as Deputy Secretary and Undersecretary of the United States Department of the Treasury during the presidency of George Hw Bush.
Before that, he worked as a lawyer and investment banker in New York City.
Powell was born in February 1953 in Washington, DC. He received a Bachelor of Politics from Princeton University in 1975 and obtained the title of lawyer from the University of Georgetown in 1979. While he was in Georgetown, he was editor -in -chief of the Georgetown Law Journal.
Powell has a reputation for “moderate and creator of consensus,” said Ben Bernanke, president of the Fed between 2006-2014, in his memoir.
With information from the Federal Reserve, CNN and agencies
