Fed’s Powell Is ‘100%’ Safe, Trump Adviser Hassett Says

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

Alyza Sebenius

28 Dec 2018, 07:28 PM IST

Fed’s Powell Is ‘100%’ Safe, Trump Adviser Hassett Says

Jerome Powell, chairman of the U.S. Federal Reserve, left, and Steven Mnuchin, U.S. Treasury secretary, arrive for a Financial Stability Oversight Council (FSOC) meeting at the U.S. Treasury in Washington, D.C., U.S. (Photographer: Al Drago/Bloomberg)

(Bloomberg) -- President Donald Trump won’t try to fire Federal Reserve Chairman Jerome Powell, a top White House economic adviser said.

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

Hassett also said that U.S. banks aren’t facing a liquidity crisis.

Bloomberg News 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 U.S. bank executives had assured him they had adequate liquidity to make loans, raising the prospect of a problem investors hadn’t anticipated.

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

To contact the reporter on this story: Alyza Sebenius in Washington at asebenius@bloomberg.net

To contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Larry Liebert