Federal Reserve Chair Jerome Powell does not properly recognize the developments in the economic marketplace, Office of Management and Budget Director Russell Vought told CBS News’ “Face the Nation” on Sunday.
When asked what President Donald Trump is looking for in a successor to Powell when his term ends this coming May, Vought said that “I think he’s looking for a chairman that’s not continually too late to the developments in the economic marketplace. And I think what we’ve seen with Chairman Powell, he was very late in the Biden administration to raise rates, to articulate the concern with regard to the Biden administration’s spending.”
Vought emphasized that “we all knew on the outside… that we were going to have an issue with regard to inflation. And we saw… recent historical inflationary levels that we hadn’t seen before. And now he is too late to lower inflation rates. And so that is the kind of thing that we want to see [differently] in the next chairman of the Federal Reserve.”
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