Trump Says He Does Not Have Plans to Replace Jerome Powell as Fed Chair

Published On Dec 8, 2024, 10:26 AM

President-elect Donald Trump stated that he does not plan to fire Jerome Powell, chair of the Federal Reserve, despite earlier comments suggesting that his decision would depend on Powell's actions regarding interest rates. This assurance addresses previous uncertainties regarding the Fed's independence under Trump's administration. Powell's current term as chair runs until 2026, and he has maintained that he would not resign if asked to do so by the president.

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The stability in the leadership of the Federal Reserve, especially Powell's continued chairmanship, may lead to a more predictable interest rate environment. Typically, this is positive for the stock market as investors appreciate the independence of the Fed in guiding monetary policy without political pressures.

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