00:00The President of America
00:07Thank you very much, please.
00:15As President, there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office.
00:25y muchos de esos posibles posibles son más importante que el presidente de la Federal Reserve.
00:34Acordiéndole, es mi placer y honor de anunciar mi nominación de Jerome Powell
00:40para ser el próximo presidente de la Federal Reserve.
00:45Gracias, James.
00:46Gracias, Mr. President.
00:48He has proven to be a consensus builder.
00:52Thank you.
00:53Thank you, James.
00:55Thank you, everybody.
01:03Thank you very much.
01:04Thanks.
01:04Thank you.
01:05No, I'm not happy with Jay Powell.
01:15I don't think he's doing a good job at all.
01:28I don't think he's much of a chess player, but I've got him, so, you know, that's what I have.
01:33Do I want him to resign?
01:36Let me put it this way.
01:37If he did, I wouldn't stop him.
01:43Some of the president-elect's advisors have suggested that you should resign.
01:48If he asked you to leave, would you go?
01:51No.
01:51Can you follow up on, do you think that legally you're not required to leave?
01:59No.
01:59Have you had any direct conversation with him?
02:07No, I haven't.
02:07I haven't called him.
02:08I might call him.
02:09I haven't called him, but I believe he's making a mistake by not lowering interest rates.
02:14And I think as well as we're doing, we'll do much better.
02:17He's keeping rates too high.
02:19He historically has been late, except when it came to Biden.
02:23He was recommended by a certain person that I'm not particularly happy with.
02:28But he will hopefully do the right thing.
02:33The right thing is to lower interest rates, so we'll see what happens.
02:35I think we're sitting on something that's going to be very good.
02:38With all the tariff money starting to come in, our country's going to be doing really well.
02:43And hopefully he'll be doing.
02:44We don't have inflation.
02:46So to clarify, you have no intention of firing Jerome Powell because your economic advisor, Kevin Hassett.
02:52None whatsoever.
02:54Never did.
02:55The press runs away with things.
02:57No, I have no intention of firing him.
02:59I would like to see him be a little more active in terms of his idea to lower interest rates.
03:07This is a perfect time to lower interest rates.
03:10If he doesn't, is it the end?
03:11No, it's not.
03:13But it would be good timing.
03:14It could have taken place earlier.
03:17But no, I have no intention to fire him.
03:19As you know, the cost of eggs has come down like 93, 94%.
03:24The only thing that hasn't come down but hasn't gone up much are interest rates.
03:29And we think the Fed should lower the rate.
03:31We think that it's a perfect time to lower the rate.
03:34And we'd like to see our chairman be early or on time as opposed to late.
03:40Late's not good.
03:46Prices are coming down, not going up.
03:49Only the fake news says they're going up.
03:51The only thing that's even are interest rates.
03:54And if we had a Fed chairman that understood what he was doing, interest rates would be coming down too.
04:00He should bring them down.
04:01Yeah, please.
04:02Mr. President, on Jerome Powell, you said that the termination of Jerome Powell cannot come fast enough.
04:25He says he won't leave even if you ask him to.
04:27Oh, he'll leave if I ask him to.
04:29He'll be out of there.
04:30But I don't think he's doing the job.
04:35He's too late, always too late, a little slow.
04:39And I'm not happy with him.
04:42I let him know it.
04:44And if I want him out, he'll be out of there real fast, believe me.
04:49Go ahead, please.
04:51Look, in the first four years, we had the greatest economy in the history of our country.
05:06The stock market went up 88 points.
05:09I think he's terrible, but I can't complain because we had the most successful administration economically in the history of our country.
05:16I think we're going to do even better this time.
05:20The administration is, as I mentioned in my remarks, is implementing significant policy changes, and particularly trade now is the focus.
05:28And the effects of that are likely to move us away from our goals.
05:33So unemployment is likely to go up as the economy slows, in all likelihood, and inflation is likely to go up as tariffs find their way.
05:40And some part of those tariffs come to be paid by the public.
05:47So that's the strong likelihood.
05:48And, you know, my hope is that we'll get through this and get back.
05:52We're always going to be aiming for maximum employment and price stability.
05:55That's what we do.
05:55I do think we'll be moving away from those goals, probably for the balance of this year.
06:04Sure.
06:05So let me just be clear at the start.
06:07I make it a practice not to respond to any elected officials' comments.
06:12So I don't want to be seen to be doing that.
06:13It's just not appropriate for me.
06:16So it's a good time to take a step back and let things clarify.
06:20That's why it's just too soon to say what the appropriate monetary policy response will be to these new policies.
06:28It is just too soon to say.
06:29We can't say with any confidence today.
06:31So that's what we're doing.
06:33We've taken a step back and we're watching to see what the policies turn out to be and the ways in which they will affect the economy.
06:50While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their effects on the economic outlook is high.
06:59As we parse the incoming information, we're focused on separating the signal from the noise as the outlook evolves.
07:07As we say in our statement, in considering the extent and timing of additional adjustments to the target range for the federal funds rate,
07:14the Committee will assess incoming data, the evolving outlook, and the balance of risks.
07:20We do not need to be in a hurry to adjust our policy stance, and we are well positioned to wait for greater clarity.
07:29Our policy stance now is significantly less restrictive than it had been, and the economy remaining strong.
07:39We do not need to be in a hurry to adjust our policy stance.
07:43We know that reducing policy restraint too fast or too much could hinder progress on inflation.
07:50At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.
07:58So we're taking a look, and it looks like it's about 3.1 billion.
08:03It went up a little bit, or a lot.
08:06So the 2.7 is now 3.1.
08:09I'm not aware of that.
08:10Yeah, it just came out.
08:12Yeah, I haven't heard that from anybody at the Fed.
08:16Yeah, it just came out.
08:20Aren't those feds at about 3.1 as well?
08:223.1.
08:233.2?
08:24This came from us?
08:25Yes.
08:26I don't know who does that.
08:30You're including the Martin renovation.
08:32You just added in a third building is what that is.
08:36That's a third building.
08:37I know, but it's a building that's being built.
08:39No, it was built five years ago.
08:42We finished Martin five years ago.
08:43It's part of the overall work.
08:46It's not new.
08:47Second.
08:48Mr. President, you said you can get your own housing unfold.
08:55Thank you.
08:56Thank you.
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