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 says he will allow Fed Chairman Jerome Powell to complete his term at the central bank if he wins the November election Bloomberg Businessweek in an interview.
“I’ll let him serve, especially if I think he’s doing the right thing,” Trump told Bloomberg Businessweek. President Joe Biden nominates Powell for president second four-year term He will serve as Chairman of the Federal Reserve Board in May 2022 and will serve until early 2026.
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.
As early as 2019, Trump criticized the Federal Reserve and its leaders — even though policymakers cut interest rates three times that year, ultimately lowering 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. The country is at an economic disadvantage compared to other countries.
Just in February this year, Trump also said Fox Business He will not re-appoint Powell to lead the Fed. “I think he’s political,” he told Fox’s Maria Bartiromo. “I think if he lowers rates, he’s going to do something that might help Democrats.”
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