Donald Trump, the President-elect of the United States, is reported by CNN on the 7th (local time) to guarantee the remaining term of Jerome Powell, Chairman of the U.S. Federal Reserve (Fed).
CNN cited a source close to Trump’s transition team in its report.
The source explained that Trump believes Powell should remain in his position while the Fed is implementing interest rate cuts. However, the source also noted that Trump could change his mind at any time.
Powell was appointed as Fed Chairman by then-President Trump in 2018. His term was extended until 2026 under the Joe Biden administration. During that time, former President Trump expressed dissatisfaction with Powell’s interest rate hikes and repeatedly vowed to dismiss him if he returned to the White House.
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