President-elect Donald Trump’s stunning November 5 victory has initiated a wave of what-if scenarios in the realm of economics, foreign policy, health care, and everything else the federal government has become a fixture of. One area that should be popcorn entertainment for economists, business reporters, and Wall Street watchers will be the Federal Reserve. Whether in his first four years residing in the White House or on the 2024 campaign trail, Trump has been a vocal critic of the world’s most powerful institution. Is the Fed poised for an overhaul under a second Trump term?
Federal Reserve Attends Trump University
In November 2017, Trump appointed Jerome Powell to helm the Federal Reserve, succeeding Janet Yellen. The move was surprising at the time as many had expected chief Trump economic advisor Gary Cohn or former Fed Gov. Kevin Warsh to lead the US central bank.
“He’s strong, he’s committed, and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump said at a White House Rose Garden event.
Nearly a decade later, Fed Chair Jerome Powell’s tenure is set to expire in 2026. Trump’s relationship with Powell has not been as cordial throughout his term in the Oval Office. Trump often took to X and called him a “disappointment” and accused the Fed chief of having “no guts.” It is safe to say that it will be two years of bedlam in the Eccles Building.
In February, Trump confirmed that he would not reappoint Powell. Months later, in a Bloomberg interview, Trump clarified that he would allow Powell to complete his term, “especially if I thought he was doing the right thing.” On the road to the presidency, Trump repeatedly stated that Powell and his colleagues should not be easing monetary policy or cutting interest rates so close to the election. When the Fed followed through on a super-sized half-point reduction to the benchmark federal funds rate in September, Trump was unhappy. […]
— Read More: www.libertynation.com
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