Republican presidential candidate and former US President Donald Trump raises his fist during day one of the Republican National Convention (RNC) at Fiserv Forum in Milwaukee, Wisconsin, USA on July 15, 2024.
Elisabeth Franz | Reuters
Republican presidential candidate Donald Trump said in an interview with Bloomberg Businessweek that he would allow Federal Reserve Chairman Jerome Powell to serve out his full term if he wins the November election.
“I would let him serve out the rest of his term, especially if I think he’s doing the right thing,” Trump told Bloomberg Businessweek. President Joe Biden has nominated Powell to a second four-year term as Fed chair, starting in May 2022.
Powell is also a member of the Federal Reserve Board, a position he will hold until January 31, 2028.
These comments mark a change of attitude from the former president, who had a tense relationship with the central bank governor.
Powell became Fed chairman in February 2018 but had faced years of criticism from then-President Trump over his interest rate policy.
Back in 2019, President Trump criticized the central bank and its head, arguing that the U.S. was at an economic disadvantage compared to other countries with lower interest rates, even though policymakers cut interest rates three times that year and eventually set the target range at 1.5% to 1.75%.
In February, Trump told Fox Business he didn’t plan to reappoint Powell as Fed chair. “I think he’s political,” he told reporter Maria Bartiromo. “I think if he lowers interest rates, he’s probably going to do something that helps the Democrats.”
Read the Bloomberg Businessweek article here.
