Harris knocks Trump’s Fed comments: ‘I would never interfere’ in central bank decisions

Harris knocks Trump’s Fed comments: ‘I would never interfere’ in central bank decisions


U.S. Vice President and Democratic presidential candidate Kamala Harris speaks with members of the media before boarding Air Force Two at Detroit Metropolitan Wayne County Airport in Romulus, Michigan, U.S., August 7, 2024.

Elizabeth Frantz | Reuters

Vice President Kamala Harris on Saturday fiercely disagreed with former President Donald Trump’s suggestion this week that U.S. presidents should have a say in the Federal Reserve’s interest rate decisions.

“I couldn’t … disagree more strongly,” Harris told reporters in Arizona, referring to the Republican presidential nominee’s comments. “The Fed is an independent entity, and as president, I would never interfere in the decisions that the Fed makes.”

Harris’ comments drew a stark contrast between her and Trump, who said this week that the president should “have at least [a] say” in Fed policy.

“I think that in my case, I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman,” Trump said Thursday during a press conference at his Mar-a-Lago resort.

Harris also said Saturday that she is watching to see where the Fed moves next on interest rates.

“As we know we’ve there was some turbulence this week [in global markets], but it seems to have settled itself, and we’ll see what [decisions] they make next,” she told reporters. Harris added that she learns about Fed decisions “about the same time you do.”

At his Florida press conference, Trump also reminisced about the very public disagreements he used to have with Fed Chair Jerome Powell, a fellow Republican, while he was president. Especially when the board decided to raise interest rates.

“I used to have it out with him,” Trump said.

Powell has repeatedly emphasized how important it is for the Fed to be completely independent, in order for the central bank to fulfill its mission.

Free from political pressure, the Fed board can make its decisions based solely on whether they further the U.S. economy’s long-term interests — not whether voters approve of them.

And while President Joe Biden has not tried to wield influence over the Federal Reserve Board one way or another, Powell occasionally faces pressure from the general public.

After this past week’s tumult in the stock markets, many investors called on Powell to move more quickly to lower interest rates, ahead of the bank’s widely expected cuts coming in September.

For his part, Powell says he wants to know that the economy is going to hit the bank’s traditional 2% inflation target before he and the board move to cut interest rates.

With just 87 days until the election, the vice president told reporters that she is preparing to unveil an official economic policy platform in the coming days.

“It’ll be focused on the economy and what we need to do to bring down costs and also strengthen the economy,” said Harris.



Source

California Gov. Newsom plans to sue Trump over National Guard deployment to LA protests
Politics

California Gov. Newsom plans to sue Trump over National Guard deployment to LA protests

California Governor Gavin Newsom (R) speaks as California Attorney general Rob Bonta looks on during a news conference at Gemperle Orchard on April 16, 2025 in Ceres, California. Justin Sullivan | Getty Images California Gov. Gavin Newsom said Monday that he will sue President Donald Trump for his deployment of the National Guard to deal […]

Read More
‘Trump accounts’: CEOs to unveil investments for newborns at White House
Politics

‘Trump accounts’: CEOs to unveil investments for newborns at White House

US President Donald Trump gives a thumbs up as he exits Marine One and walks to board Air Force One at Joint Base Andrews, Maryland, on June 6, 2025. Andrew Caballero-Reynolds | AFP | Getty Images The CEOs of Uber, Dell, Goldman Sachs and more are expected to announce Monday that they will collectively invest […]

Read More
Trump’s new travel ban set to take effect amid escalating tension over immigration enforcement
Politics

Trump’s new travel ban set to take effect amid escalating tension over immigration enforcement

FILE PHOTO: An international traveler arrives after U.S. President Donald Trump’s executive order travel ban at Logan Airport in Boston, Massachusetts, U.S. January 30, 2017. REUTERS/Brian Snyder/File Photo Brian Snyder | Reuters President Donald Trump’s new ban on travel to the U.S. by citizens from 12 mainly African and Middle Eastern countries is set to […]

Read More