Republican presidential candidate and former U.S. President Donald Trump raises his fist during the first day of the Republican National Convention (RNC) at the Feather Forum in Milwaukee, Wisconsin, U.S., July 15, 2024.
Elisabeth Franz | Reuters
Republican presidential candidate Donald Trump said in an interview with Bloomberg Businessweek that if he wins the November election, he will allow Federal Reserve Chairman Jerome Powell to complete his term at the central bank.
“I’ll let him serve, especially if I think he’s doing the right thing,” Trump told Bloomberg Businessweek. President Joe Biden nominated Powell to serve as Federal Reserve chairman in May 2022 Second four-year term.
Powell is also a member of the Federal Reserve Board and will serve until January 31, 2028.
The comments marked a U-turn for the former governor, who had a strained relationship with the central bank chief.
Powell, who took over as Fed chairman in February 2018, faced criticism from then-President Trump over the years on interest rate policy.
Back in 2019, Trump criticized the central bank and its leaders — even though policymakers cut interest rates three times that year, ultimately bringing them to a target range of 1.5% to 1.75% — arguing that the U.S. was incompatible with other countries with lower interest rates. Compared to being economically disadvantaged.
As recently as February, Trump told Fox Business that he would not reappoint Powell to lead the Fed. “I think he is political,” he told journalist Maria Bartiromo. “I think if he lowers rates, he’s going to do something that might help Democrats.”
Read the Bloomberg Businessweek article here.
