US President-elect Donald Trump is likely to allow Federal Reserve Chairman Jerome Powell to complete his term, which ends in May 2026, according to a report.
Trump could change his mind, but his current view — and that of his economic team — is that Powell should remain at the helm of the central bank while continuing his policy of cutting interest rates, an adviser to the Republican president told CNN on Thursday.
This comes after Trump threatened to remove Powell from his position, something no president has done before, as he criticized what he sees as a lack of transparency on the part of the Federal Reserve, which conducts its deliberations in secret and releases meeting minutes weeks later.
In July, the Fed chairman was asked if he intended to serve out the rest of his term, and he said, “Yes,” and he reiterated that after today’s policy meeting, noting that he cannot be removed by law.
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