Bessent: Powell Can Serve Out the Remainder of His Term as Fed Chair
Federal Reserve Leadership Stability
Scott Bessent has stated that Jerome Powell can indeed serve out the remainder of his term as chair of the Federal Reserve. In an interview with CNBC, Bessent expressed his full support, echoing remarks made by President Trump. Trump had previously indicated he would not seek to remove Powell when he assumes office next year.
The Appointment Journey
Powell was appointed in 2017 during Trump's first term, but the two have had their differences, notably regarding interest rate increases. Despite their past clashes, Bessent’s comments suggest a strong faith in Powell's continued leadership.
Future Expectations
With inflation surging, Powell's term under Biden has seen aggressive rate-hikes leading to high interest rates. The Federal Reserve is expected to continue discussions around interest rate adjustments in upcoming meetings.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.