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4mo ago

Trump Confirms Powell Will Serve Full Term as Fed Chair

In a definitive statement, President Trump rules out removing Jerome Powell before his term ends in 2026, while continuing to push for interest-rate cuts.

U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria/File Photo
U.S. Federal Reserve Chair Jerome Powell attends a press conference, following a two-day meeting of the Federal Open Market Committee on interest rate policy, in Washington, D.C., U.S., March 19, 2025. REUTERS/Nathan Howard/File Photo
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Trump speaks alongside then-Fed chair nominee Jerome Powell in November 2017. Photo: Andrew Harrer/Bloomberg via Getty Images

Overview

  • President Trump stated in an NBC interview that he will not remove Federal Reserve Chair Jerome Powell before his term ends in May 2026, providing reassurance to financial markets.
  • Trump described Powell as 'a total stiff' and reiterated his dissatisfaction with the Fed's reluctance to lower interest rates.
  • Earlier speculation about Powell's removal had caused significant market volatility, raising concerns about central bank independence.
  • Trump's tariff policies, including a 10% general tariff and higher rates on steel, autos, and China, continue to pressure the economy and complicate the Fed's monetary policy decisions.
  • The Federal Reserve is expected to keep interest rates steady as it evaluates the economic impacts of ongoing trade negotiations and tariff-related risks.