Who appointed Jerome Powell? Donald Trump blames Biden for own choice

Donald Trump seemed to forget that he had made Jerome Powell Fed chair during his first term as President.

US President Donald Trump, when lambasting Fed chair Jerome Powell, seemed to forget that it was he who had appointed him during the first term.

Donald Trump has been unhappy with Fed Chair Jerome Powell's refusal to reduce interest rates. (Reuters)

Speaking about Powell, Trump said, “He’s a terrible Fed chair. I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him.”

Amid the rant, he seemed to forget that Powell was Trump's pick and in the November 2017 announcement, the President, in his first term, had praised Powell for his leadership, expertise, and judgment.

“According to Trump, whose mind is now mushier than Gerber baby food, this is Biden in 2017 appointing Jerome Powell to be Fed chair,” one user said.

Another added, “Either Trump is senile and can't remember HE was the one who appointed Powell, or he is assuming his followers will accept his obvious lie yet again.”

No fire, just smoke

Trump, after several threats to fire Jerome Powell, again went down the same path today, with the New York Times also reporting that he waved around a draft letter about the same during an Oval Office meeting. However, he backtracked and noted it was ‘highly unlikely’ he'd fire Powell, but didn't rule it out completely.

Trump has been unhappy with Powell and wants him to follow orders on lower interest rates. Powell, meanwhile, has argued that if not for Trump's tariffs, rates would likely have been lowered, but with prices expected to rise, the Fed couldn't make the move.

If Powell did comply with Trump, this would mark a stark departure for the US Fed, which has thus far been free from political interference.

Jamie Dimon, JPMorgan CEO, also issued a warning amid the Trump-Powell standoff that the Fed must function independently.