Trump has discussed firing Fed chairman Powell

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The Fed is expected to raise rates for the fourth time this year when its two-day policy meeting ends at 2 p.m. ET, but the focus will be on whether it will still hint at three increases next year as it did in September.

As the stock market tumbles and the Dow hits a low that it hasn't seen in almost 15 months, President Trump is shouldering much of the economic blame.

The Federal Reserve raised its benchmark interest rate on Wednesday and signaled that it expects additional rate increases next year in a display of measured confidence in the economy that came despite financial market worries and political pressure to suspend rate increases.

Trump, a prolific tweeter, didn't address Powell's fate on Saturday. Some of Trump's advisers have warned him that firing Powell would be disastrous.

The message, from the senior Federal Reserve official with the closest links to United States financial markets, sent the Dow Jones Industrial Average surging 300 points.

Powell did bow to what he called recent "softening" in global growth, tighter financial conditions, and expectations the USA economy will slow next year, and said that with inflation expected to remain a touch below the Fed's 2 per cent target next year, policymakers can be "patient".

When asked about declines on Wall Street and GM's announcement that it was laying off 15 percent of its workforce, Trump responded by criticizing higher interest rates and other Fed policies, though he insisted that he is not anxious about a recession.

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He has called the Fed "crazy", "out of control", and a greater economic threat than China.

Asked about Mr. Trump's advice, Mr. Powell said it "played no role" in the Fed's decision.

Well, Bloomberg is reporting that President Trump is reportedly furious over the move.

It's nearly certain that Trump doesn't have the authority to fire the Fed chairman.

Recent reports indicate that as the markets continue to spiral, the White House has become more anxious.

"I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so", Mnuchin quoted Trump as saying. But investors' concerns over the chairman's comments led to US equities to record their steepest declines for any Federal Open Market Committee announcement day since 2011.

Shelby told Politico that the President ought to be "very careful" in his approach toward the Fed chair. The Federal Reserve Act says governors may be "removed for cause by the President". "I expect trading to be quiet heading into the announcement", said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "And I'm not blaming anybody, but I'm just telling you I think that the Fed is way off-base with what they're doing".

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Senator Pat Toomey, a Pennsylvania Republican, said Powell "has done nothing to warrant being dismissed". In other words, while "data-dependent" has in the past been little more than a central bank catch-phrase, Chairman Powell seems quite comfortable in using that as an actual guide to policy.

'We should be grateful for that.

"I'm aware of no plans to fire Powell", Sanders told CNBC broadcaster.

'He certainly should not do so'.

A member of the House Financial Services Committee, Ross predicted the panel's incoming Democratic chairwoman, Maxine Waters of California, would launch a "significant oversight investigation" if Trump ousted Powell.

'The President can nominate a chair but once the chair is confirmed, the president is out of it and the only way you can remove a chair from office is literally if they broke the law, ' Ellen Zentner, the chief US economist for Morgan Stanley, told CNBC.

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