Jerome Powell is allegedly considering resigning as the Fed Chair, a development that could be bullish for the crypto market. This comes amid criticisms from US President Donald Trump, who is pushing for a 300-basis-point (bps) Fed rate cut.
He also indicated that a Fed rate cut would be perfect to reflect the current strength in the market, with crypto prices through the roof and the stock market reaching new highs. However, the Fed Chair has declared that they are in a good position to wait and see the impact of tariffs on inflation rather than hurry to cut rates.
Trump again stated today that he thinks Jerome Powell is doing a terrible job. However, he revealed that he has no plans to sack the Fed Chair. Powell’s tenure as Fed Chair doesn’t end until May next year.