ΠUS President Donald Trump said that his nominee for Federal Reserve Chairman, Kevin Warsh, can contribute to the growth of The economy of the United States "c 15 per cto". "I think he would be a great Fed chairman", Trump said in an interview with Fox Business, commenting on his selection as the new chairman of the US Central Bank.
ΠThe president recalled that Warsh had been considered in the previous search for chairman, but was rejected in favor of the current chairman Jerome Powell - a decision that he called it a "mistake".
If Warsh "does the job he's supposed to do", then "we can raise 15%, I think more", Trump told Fox Business host Larry Kudlow, who was a senior aide in the president's first administration.
It's not entirely clear whether Trump was referring to an annual raise or some other indicator.
The U.S. economy, which is expected to grow by 2.4% through 2026, has grown at an average annual rate of 2.8% over the past five decades. Gross domestic product has grown at a rate of more than 15% only a few times since the 1950s, including in the third quarter of 2020, when businesses reopened after coronavirus-related shutdowns.
Πo during the search for a new Fed chairman, Trump commented that he wants a candidate who would lower prime rates, and later said he would not have elected Warsh if he had advocated raising interest rates. The comments make it clear that Trump is betting that Warsh, if confirmed, can boost economic growth ahead of the midterm elections, which have historically been tough for American presidents.
Warsh's confirmation by the Senate could be delayed, as retiring Sen. Tom Tillis Republican from North Carolina, vows to block any confirmation from the Federal Reserve while the Trump administration orders a Justice Department investigation into Jerome Powell's handling of funds spent on the renovation of the Federal Reserve building.