When Will Trump Name New Fed Chair? What To Know As He Eyes Powell Successor
The post When Will Trump Name New Fed Chair? What To Know As He Eyes Powell Successor appeared on BitcoinEthereumNews.com. Topline Almost a year before Federal Reserve Chairman Jerome Powell’s term is due to expire, President Donald Trump appears to be closing in on Powell’s replacement, underscoring the butting of heads between the White House and the largely independent U.S. central bank. Donald Trump, left, and Jerome Powell are at odds over interest rates. Getty Images Key Facts Trump has discussed naming Powell’s successor by September, October or even sooner, The Wall Street Journal reported Thursday evening, citing anonymous sources. That is at least seven months before Powell’s term as lead monetary policymaker is due to expire May 15, 2026, a seemingly extended amount of time for Powell to be a “sitting duck.” Limited recent history suggests such an early announcement is rare. Among the only five Fed chairs of the last four decades, Paul Volcker was named a month before taking over in 1979, Alan Greenspan was named two months before taking over 1987, Ben Bernanke was named six months before taking over in 2006, Janet Yellen was named three months before taking over in 2014 and Powell was named three months before taking over in 2018. Key Background Though Trump appointed Powell during his first Oval Office run, Trump quickly soured on the Fed boss over his consistent demands for growth-focused and politically popular interest rate cuts. This year, Trump teased firing Powell, a move with shaky legal footing, before pivoting to name calling, calling Powell “stupid” and a “numbskull.” The Fed’s most prominent role is setting the target federal funds rate, which only officially determines the rate at which financial institutions borrow from one another in overnight transactions, but heavily influences lending costs across the economy. The Fed sets interest rates based on its dual mandate system to keep inflation moderate and maximize employment among Americans. As…
The post When Will Trump Name New Fed Chair? What To Know As He Eyes Powell Successor appeared on BitcoinEthereumNews.com.
Topline Almost a year before Federal Reserve Chairman Jerome Powell’s term is due to expire, President Donald Trump appears to be closing in on Powell’s replacement, underscoring the butting of heads between the White House and the largely independent U.S. central bank. Donald Trump, left, and Jerome Powell are at odds over interest rates. Getty Images Key Facts Trump has discussed naming Powell’s successor by September, October or even sooner, The Wall Street Journal reported Thursday evening, citing anonymous sources. That is at least seven months before Powell’s term as lead monetary policymaker is due to expire May 15, 2026, a seemingly extended amount of time for Powell to be a “sitting duck.” Limited recent history suggests such an early announcement is rare. Among the only five Fed chairs of the last four decades, Paul Volcker was named a month before taking over in 1979, Alan Greenspan was named two months before taking over 1987, Ben Bernanke was named six months before taking over in 2006, Janet Yellen was named three months before taking over in 2014 and Powell was named three months before taking over in 2018. Key Background Though Trump appointed Powell during his first Oval Office run, Trump quickly soured on the Fed boss over his consistent demands for growth-focused and politically popular interest rate cuts. This year, Trump teased firing Powell, a move with shaky legal footing, before pivoting to name calling, calling Powell “stupid” and a “numbskull.” The Fed’s most prominent role is setting the target federal funds rate, which only officially determines the rate at which financial institutions borrow from one another in overnight transactions, but heavily influences lending costs across the economy. The Fed sets interest rates based on its dual mandate system to keep inflation moderate and maximize employment among Americans. As…
What's Your Reaction?
