Republican presidential candidate Donald Trump has stated that he would allow Federal Reserve Chair Jerome Powell to complete his term at the central bank if he wins the November election. Trump expressed his willingness to let Powell serve out his term, especially if he believed Powell was making the right decisions. Powell's term as chair is set to end in May 2026, with his position on the Fed board continuing until 2028.
Trump also cautioned against the Federal Reserve cutting interest rates before the November election, as he believes it could potentially boost the economy and benefit President Biden. There is speculation on Wall Street that the Fed may reduce interest rates twice by the end of the year, with the first cut possibly happening in September. Trump emphasized his view that such rate cuts should not be implemented, stating that it is something the Fed knows they should not be doing.
