Federal Reserve announcements on interest rate changes

Trump Won't Replace Fed Chair Powell Despite Past Criticisms

Dec 8, 2024, 04:56 PM

President-elect Donald Trump said he has no plans to replace Federal Reserve Chair Jerome Powell, whom he appointed in 2018, once he assumes office, indicating that Powell will serve out his term, which expires in May 2026. In an interview with NBC's 'Meet the Press', Trump stated, 'No. I don't think so. I don't see it.' when asked if he would try to remove Powell from his position. He added, 'I think if I told him to, he would. But if I asked him to, he probably wouldn't.' This marks a notable shift from Trump's previous criticisms of Powell over interest rates during his first term and his suggestion that the president should have a say in rates. Powell has previously stated that the president cannot legally replace him and that he would not step down if asked, but might if told.