President Trump indicates he'll let Fed Chair Jerome Powell serve out his term
Source: NPR
July 22, 2025 3:01 PM ET
President Trump indicated on Tuesday he would let Jerome Powell serve out his term as Federal Reserve chair, saying "he's going to be out pretty soon anyway." The comment comes as the president has relentlessly attacked Powell in recent weeks for not cutting interest rates.
Last week, Trump floated the idea of firing Powell before retreating somewhat and adding he's "not planning" to fire the Fed chair, though without fully ruling it out. An attempt to fire Powell could spark a legal battle, because the Federal Reserve is set up to function as an independent body free of political interference. Such a move would likely also roil financial markets.
On Tuesday, while answering questions from reporters, Trump again attacked Powell for being too cautious on cutting interest rates. "I call him too late. He's too late all the time," Trump said. "He should have lowered interest rates many times."
He went on to say that Powell is leaving his post soon enough anyway, indicating he was willing to wait out his term as chair of the Fed, which ends on May of next year. Despite the president's attacks, Powell has been adamant he intends to serve out his term as chair.
Read more: https://www.npr.org/2025/07/22/nx-s1-5476308/trump-jerome-powell-fed-chair-job
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when he replaced Yellen after the end of her term, and continued the rate increases (slowly coming off the 7 or so years of near zero due to the 2007-2008 "Great Recession" ).
After the same kind of "harassing", Powell (actually the whole Board) kept the rates steady for a bit, then started easing them down in late 2019... until the pandemic hit, and they dropped the rates back down to near zero again in early 2020 in one huge rate cut!
