Trump says he would not reappoint Fed Chair Jerome Powell

Former President Donald Trump stated that if he were reelected, he would not reappoint the Federal Reserve Chair Jerome Powell. Trump accused Powell of considering rate cuts to benefit the Democrats in the 2024 elections. In an interview with Fox News Business, he speculated on Powell’s motives and expressed concern that lowering interest rates could assist the Democrats. Trump did not disclose potential nominees for the next Fed chair. Powell recently mentioned the possibility of rate cuts, although he indicated they may not occur until later this year. Trump has been critical of Powell since nominating him in 2017. Despite the attacks, Powell maintained that the Fed’s focus is on job growth and inflation control.