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    Trump says he has no plans to remove Powell as Fed chair

    • December 9, 2024
    • admin

    Investing.com — President-elect Donald Trump has stated he has no intention of replacing Federal Reserve Chair Jerome Powell, whose term extends until May 2026. In an interview with NBC’s Kristen Welker on “Meet the Press,” Trump responded with “I don’t” when asked if he planned to end Powell’s tenure prematurely.

    Welker pressed Trump on Powell’s recent comments that he would not leave his position, even if asked. Trump replied, “No, I don’t think so. I don’t see it,” but added, “I think if I told him to, he would. But if I asked him to, he probably wouldn’t. But if I told him to, he would.”

    When asked again if he had immediate plans to replace Powell, Trump reaffirmed, “No, I don’t.”

    Powell, a Republican and former private equity executive, was first appointed as Fed chair by Trump in February 2018. The relationship between the two was marked by frequent disputes over interest rate policies during Trump’s first term, with Trump even threatening Powell’s removal on multiple occasions. In 2022, President Joe Biden reappointed Powell to a second term.

    Powell has firmly dismissed the notion of leaving his role early, explaining that the president cannot legally fire him. “Not permitted under the law,” Powell remarked during a postelection press conference.

    The relationship between Trump and Powell is expected to draw significant attention as Trump assumes office. Trump has recently advocated for greater presidential influence over the Fed’s interest rate decisions, though he clarified to Bloomberg News in October that he doesn’t believe he should “order it” but feels he has “the right to put in comments” on rate changes.

    Trump has previously criticized Powell’s position as Fed chair, jokingly describing it as “the greatest job in government” and quipping, “you show up to the office once a month, and you say, ‘Let’s see, flip a coin.’”

    This post appeared first on investing.com

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      Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


      By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
      Popular Topics
      • Trump’s new travel ban explained: which 12 countries are affected and why has Harvard been targeted?
      • EU watchdog accuses Shein of ‘dark’ practices to ‘nag’ and ‘shame’ consumers into buying more
      • Russian wheat prices hit multi-month low as ruble strengthens and demand weakens
      • EUR/USD forecast: here’s why the euro surge has room to run
      • Laopu Gold’s HK$1,000 share price tests rally as valuation, access concerns mount

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