During a tense meeting Monday in the Oval Office, President Trump pressed Treasury Secretary Steven Mnuchin to urge Federal Reserve Chair Jerome Powell to figure out a way to stimulate the economy, three White House officials with knowledge of the matter told The Washington Post on Wednesday.
With coronavirus fears causing the stock market to plummet, Trump wants Powell to step in and do something to reverse this, the officials said. Mnuchin was a driving force behind Trump's decision to nominate Powell in 2017, but since then, Trump has been vocal about his displeasure with Powell and his reticence to cut interest rates.
Trump declared during the meeting that Powell never should have been appointed to his position, and is not only hurting the country, but also Trump's presidency, the Post reports. He wasn't only pushing Mnuchin to pressure Powell, but also other people in the room, three White House officials said, suggesting they call Powell and talk to him about further interest rate cuts. Mnuchin hasn't publicly commented about the meeting, but has said that throughout the coronavirus epidemic, he has been in daily contact with Powell.
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