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Kevin Hassett, chairman of the White House Council of Economic Advisers, speaks outside the White House on Wednesday. Photo: EPA

US Fed’s Jerome Powell is ‘100 per cent’ safe as chairman, says Trump economic adviser Kevin Hassett

  • Kevin Hassett was addressing reports that Donald Trump had asked if he had the power to fire the US Fed’s chairman

US President Donald Trump won’t try to fire Federal Reserve Chairman Jerome Powell, a top White House economic adviser said on Wednesday.

Kevin Hassett, chairman of the White House Council of Economic Advisers, told reporters “yes, of course, a hundred per cent” after he was asked whether Powell’s job is safe.

Jerome Powell appears at a news conference at the White House after US President Donald Trump nominated him to lead the Federal Reserve in November 2017. Photo: Bloomberg

Hassett also said that US banks weren’t facing a liquidity crisis.

It was reported last week that Trump has discussed firing Powell, rattling markets. Treasury Secretary Steven Mnuchin caused further turmoil on Sunday after issuing a statement saying top US bank executives had assured him they had adequate liquidity to make loans, raising the prospect of a problem investors hadn’t anticipated.

Donald Trump wants to know if he has the power to fire Fed chair Jerome Powell

Trump said Wednesday that he retained confidence in Powell and the Federal Reserve but that the Fed was increasing interest rates too quickly.