“Barron’s Roundtable” panelists Ben Levithorne, Al Root, and Megan Leonhart discuss the week’s top three stories.
President-elect Trump said in an interview aired over the weekend that he has no intention of trying to remove Federal Reserve Chairman Jerome Powell from his post before his term ends.
Host Kristen Welker, appearing on NBC News’ “Meet the Press,” said she plans to try to fire Powell, who criticized Trump for not lowering interest rates during his first term in office. I asked Trump if that was the case.
“No, I don’t think so,” Trump said. “I can’t see it. But I can’t see it. If I told him, he would. But if I told him, he probably wouldn’t. But if I told him, He will.”
Mr. Welker asked the president-elect if he had any plans to do so now, and Mr. Trump replied, “No, I don’t have any plans for that.”
Fed’s Powell remains unchanged even if President Trump thinks otherwise
President-elect Trump said in an interview over the weekend that he would not seek to fire Federal Reserve Chairman Jerome Powell. (Michael M. Santiago/Getty Images/File)
During his first term in the White House, President Trump criticized Powell and the Fed, threatening to fire him and calling him a “bonehead.”
He reiterated his criticism of Powell during this year’s presidential campaign.
“I think he’s a politician. If we lower interest rates, he’ll probably do something to help the Democrats,” Trump said in a February interview on Fox Business Network’s “Morning with Maria.” ” he said.
He went on to say that he had no intention of reappointing Powell to his post, saying, “He missed out, missed out (on inflation)…I would have some options, but I can’t say right now.” he said.
Fed Chairman Jerome Powell says central bank is in no hurry to reach ‘neutral interest rate’
Then-President Trump is pictured on November 2, 2017, after announcing Jerome Powell (right) as his candidate for Federal Reserve Chairman. (Saul Loeb/AFP via Getty Images)
President Trump said in an interview in June that if he wins the 2024 election, he will not fire Powell and allow him to serve out his term.
“Especially if I think he’s doing the right thing, I’ll let him do it,” Trump told Bloomberg News at the time.
Powell’s term as Fed chair ends in May 2026, but his position on the Fed’s board will continue until 2028.
San Francisco Fed president on Trump tariffs: ‘very ready’ for impact assessment
Federal Reserve Chairman Jerome Powell said he would remain in office if President-elect Trump urges him to resign. (CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images/File)
Mr. Powell appeared at a press conference in November after the Fed cut interest rates by 25 basis points shortly after the election and was asked whether he would resign if President Trump asked him to do so.
Mr. Powell responded, “No.” In a follow-up question, Mr. Powell was asked whether he believed he would have to resign in response to such a request, and Mr. Powell again answered simply, “No.”
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Mr. Powell was also asked whether he believed the president had the authority to fire or demote him and whether the Fed had determined the legality of demoting other Fed directors from their leadership positions.
“It’s not allowed by law,” Powell said.
