President-elect Donald Trump is expected to allow Federal Reserve Chair Jerome Powell to continue serving until his term expires in May 2026. This decision is based on information from a senior adviser to Trump who chose to remain anonymous. While there is a possibility that Trump may change his mind, his current stance, along with the support of his economic team, is in favor of retaining Powell as the head of the central bank, especially as it pursues a policy of reducing interest rates.
Powell, a Republican and former private equity executive, was appointed by Trump to lead the Federal Reserve in 2018. President Joe Biden later reappointed him for a second four-year term. Despite speculation that Gary Cohn, a former economic policy director under Trump, may be interested in the position, his past resignation over Trump's steel tariffs makes it unlikely for him to be considered.
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