US President Donald Trump said he currently has no plans to remove Federal Reserve Chairman Jerome Powell from his post, despite the Justice Department investigation into Powell’s activities.
Trump added that it was too early to make a final decision on the matter.
Speaking to Reuters, Trump responded to a question about whether he would dismiss Powell by saying, “I don’t have a plan to do that right now.” When asked if the investigation provided grounds for such a move, Trump said, “We’re in ‘wait-and-see’ mode regarding that right now. We’ll decide what to do, but I can’t go into detail right now. It’s too early.”
Powell’s term as FED Chairman will end in May. However, Powell is not required to leave his position on the FED Board of Governors in Washington until 2028.
Trump also hinted at who he might prefer to replace Powell. According to reports, Trump is favorably inclined towards former Federal Reserve Board member Kevin Warsh or National Economic Council Director Kevin Hassett. Trump stated that he is not considering Treasury Secretary Scott Bessent for the position, and that Bessent wants to remain in his current role.
*This is not investment advice.