5 sources·Business

Trump Affirms Support for Powell as Fed Chair Amid Past Tensions

President-elect Trump declares he will not replace Jerome Powell as Federal Reserve Chair, despite a history of conflict over interest rate policies.

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Updated: Dec 8th, 2024, 2:02 PM ET

Summary

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In a recent interview, President-elect Donald Trump stated he will not attempt to remove Federal Reserve Chair Jerome Powell when he takes office, emphasizing that Powell has a legal right to serve his term until 2026. Trump, who previously clashed with Powell over interest rates, acknowledged their complicated relationship but expressed no plans to push Powell out. Powell has reiterated that he would not resign under pressure and that president cannot fire him without legal justification. As interest rates continue to be a point of contention, Trump's vow to lower rates may signal renewed tension ahead.

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