Donald Trump reportedly appears to have no problem with Federal Reserve Chairman Jerome Powell serving out the remainder of his term until May 2026.
Trump appointed Powell during his first term, but the two clashed several times, leading to the then-45th US president threatening to remove the Fed chairman from office.
However, Powell retained his post and was reappointed by President Joe Biden for a second four-year term in 2022.
Citing a senior Trump adviser who requested anonymity, CNN reports that the newly elected president will likely allow Powell to retain his role once he returns to the White House.
The adviser says Trump can always change his mind, but the current view of Trump and his economic team is to let Powell remain in charge of the central bank while it pursues a policy of rate cuts.
Trump also said in an interview with Bloomberg in July that he will let Powell retain his role at least until 2026.
Powell also wants to keep his job. During a press conference on Thursday, Powell answered “no” when asked whether he would leave his post before his term ends if Trump asked him to. He said Trump can’t fire him.
“Not allowed by law.”
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