Trump Denies Plan to Ax Powell After Floating Idea to Lawmakers

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump denied he is seeking to remove Federal Reserve Chair Jerome Powell, after raising the idea in a closed-door meeting with congressional Republicans that leaked to the media.“No, we’re not planning on doing anything,” Trump told reporters on Wednesday. He later added, “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”A White House official, speaking on the condition of anonymity earlier Wednesday, said they expected Trump to soon move against the Fed chief after his meeting with members of Congress visiting the White House to discuss cryptocurrency legislation. Some lawmakers also left that Tuesday evening meeting with that impression, and Trump acknowledged that he had polled the participants about dismissing Powell.The president’s remarks in the Oval Office left open the possibility of ousting Powell for cause. Trump and his allies have lambasted the Fed chair over the central bank’s decision to hold interest rates steady and the cost of the central bank’s renovations of its Washington headquarters.Today's show features: Lael Brainard, Distinguished Fellow at the Georgetown Psaros Center for Financial Markets and Policy and Former Vice Chair of the Federal Reserve, on President Donald Trump's continued pressure on Fed Chair Jerome Powell Ken Leon, Director of Equity Research at CFRA on bank earnings from Goldman Sachs, Morgan Stanley and Bank of America Simeon Hyman, Global Investment Strategist at ProShares on his firm’s mid-year outlook for markets and the economy Dr. Gracelin Baskaran, Director, Critical Minerals Security Program and Center for Strategic and International Studies on the booming market for rare-earth materials, including Apple’s $500 million deal to buy them from MP Materials  See omnystudio.com/listener for privacy information.