Trump says he won't fire Fed Chair Jerome Powell

Published On Dec 9, 2024, 6:37 PM

During a recent interview, President-elect Trump confirmed that he does not plan to fire Federal Reserve Chair Jerome Powell, despite previous criticisms regarding Powell's handling of interest rates. Trump acknowledged his long-standing criticism of Powell but stated that he would allow Powell to serve out his term, which lasts until May 2026. The Fed has faced scrutiny this year, particularly related to inflation management, and Trump's position may imply a less tumultuous relationship between the administration and the Fed in the near future.

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Trump's decision to allow Powell to remain in position suggests a likelihood of continuity at the Federal Reserve, potentially leading to a more stable economic environment and investor confidence. Stability in the central bank's leadership may help in mitigating market volatility, especially regarding interest rates.

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