"Powell’s term ends on May 15, and he will be succeeded by Trump appointee Kevin Warsh, who served on the central bank's board of governors from 2006 to 2011. Powell will continue on the board as a governor after stepping down as chair. Powell, who was first appointed by Trump in 2018, said he planned to stay on to help preserve the central bank's independence. The announcement came after Trump said he would fire Powell if he remained at the Fed beyond the end of his term as chair."
"Powell will continue on the board as a governor after stepping down as chair. Powell, who was first appointed by Trump in 2018, said he planned to stay on to help preserve the central bank's independence. The announcement came after Trump said he would fire Powell if he remained at the Fed beyond the end of his term as chair. Powell stressed the central bank's independence and consistently deflected criticism and rhetoric from the president, who gave him the nickname Too Late Powell in reference to the Fed's hesitancy to cut rates quickly and sharply."
"Powell's tenure as Fed chair during Trump's second term has been marked by political pressure as Trump pushed for more aggressive interest rate cuts than the Fed was willing to implement. Under Powell's leadership, the Fed did not begin cutting interest rates until September. His legacy was, We need to reclaim independence for the Federal Reserve,' and I think that's exactly what he did, Babak Hafezi, a professor of international business at American University, told Al Jazeera, referring to views that the Fed had been a little too close and in lockstep with the US government previously."
"He fought the Trump administration on lowering interest rates. I think he's worked really hard not to be a political tool and to keep the Fed as independent as possible. Apart from a barrage of rude, threatening and demeaning"
Jerome Powell’s term as chair of the Federal Reserve Board of Governors ends on May 15 after months of tension between the White House and the central bank. Donald Trump pushed for more aggressive interest rate cuts than the Fed was willing to implement. Powell, first appointed by Trump in 2018, planned to remain on the board as a governor to help preserve the central bank’s independence. Trump threatened to fire Powell if he stayed beyond the chair term. Powell’s tenure during Trump’s second term included political pressure and repeated emphasis on Fed independence, including deflecting criticism from Trump, who used the nickname “Too Late Powell.” The Fed did not begin cutting rates until September.
Read at www.aljazeera.com
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