US EditionReuters: Poker-faced Powell may have ace up sleeve to stymie Trump's Fed shakeup
Powell may delay retirement to protect Federal Reserve independence amid political pressures, with his vote pivotal as Trump seeks to influence the central bank, experts say.
- On Jan 16, U.S. Federal Reserve Chair Jerome Powell is weighing whether to remain on the Fed Board after his chairmanship to help stymie President Donald Trump's efforts to remake the central bank.
- After a threatened DOJ indictment Powell called a "pretext" and his direct rebuttal late on Sunday, pressure on the Fed has escalated amid President Donald Trump's repeated demands for large rate cuts.
- The Fed's seven, staggered 14-year terms mean that more seats create leverage, as Mark Spindel noted, `With a majority of governors there are all sorts of reorganizations and reforms that are in the offing.`
- With four months to go before his chairmanship ends, Jerome Powell’s delayed retirement could complicate President Donald Trump’s nominee’s U.S. Senate confirmation amid heightened tensions.
- Legally, the Federal Reserve Act restricts removals to 'for cause,' a standard tested in Fed Governor Lisa Cook's case, while experts warn political control risks inflation and Trump may target Regional Federal Reserve presidents.
13 Articles
13 Articles
At the end of the week, caution prevails on Wall Street: the stock market closes with slight losses. Trump's comments about the possible successor of Fed boss Powell, among other things, create uncertainty.
Trump tried to give Powell one last shove out the door. Now he’s likely to stay.
Jerome Powell’s term as Federal Reserve chair ends in May — but he can choose to stay on as a Fed governor until 2028. Article Attribution | Read More at Article Source The post Trump tried to give Powell one last shove out the door. Now he’s likely to stay. appeared first on RocketNews.
Poker-faced Powell may have ace up sleeve to stymie Trump's Fed shakeup
Though his term as Federal Reserve chief ends in May, Jerome Powell's separate seat on the Fed's Board of Governors does not expire for two more years, giving him a potentially critical vote on monetary policy and any broader changes at the central bank.
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