In his Oval Office meeting with Italian Prime Minister Giorgia Meloni, President Trump was asked if he would try to fire Federal Reserve Chair Jerome Powell.
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00:00Can you clarify on rate cuts, do you intend to see Powell's firing if he doesn't change his stance on rate cuts?
00:09Or is that on the table?
00:11Well, I think he should do the rate cuts because I think if Europe has done it, it puts us at a disadvantage to Europe.
00:18I mean, he plays right into their hands.
00:21So I think he should do the rate cuts.
00:23We don't have really inflation now.
00:24I just said that major things are going down.
00:28Oil is great.
00:30Oil is way ahead of schedule.
00:32And that's because of our policies.
00:34But oil is down into the $60, $65 range now per barrel.
00:40And I told you, in certain states, we have less than $2 for gasoline.
00:46And food is down.
00:49Groceries, as we call it, are down.
00:52Other than interest rates, everything's down.
00:55Interest rates are pretty flat.
00:56It's not that they're up.
00:58But we should be better than flat.
01:00If he would lower the interest rate, I think it would have a good impact on that, too.
01:04But the costs are down.
01:06We have very little inflation.
01:08I would say we have essentially no inflation.
01:10It's hard to have inflation when oil goes down.
01:12And oil goes down.
01:13When Biden came in, oil went through the roof.
01:17That's what caused our problem.
01:18That and his very dumb spending.
01:22But when the oil prices go down, and they have gone down a lot, we've gotten it down really good.
01:27But we've opened it up, and we've gotten them down.
01:30And that means that people driving cars are going to be paying $2 and $2.50 instead of $4.50.
01:38And, you know, even at the end, they tried just for the purpose of the election to get it down.
01:43But they had really lost that sucker.
01:46That was really, it was not good.
01:49But if they had won, oil right now would be at $7 or $8 because of their policy.
01:56And we're going to be at about $2.
01:58Could be even a little bit less than that.
02:00And you're starting to see it.
02:02So I don't know how you can have inflation when oil has come down quite a bit.
02:06And I would say the Fed really owes it to the American people to get interest rates down.
02:14That's the only thing he's good for.
02:16And he would have an effect on that if he lowered them.
02:19And I think at some point he will.
02:22He's going to have a lot of political pressure.
02:24You know, they are political also.
02:27And I think there's a lot of political pressure for him to lower interest rates.
02:30Okay.