President Donald Trump discusses Fed rate cuts and inflation in a roundtable with business leaders.
Despite his term nearing an end, Federal Reserve Chairman Jerome Powell sidestepped any discussion of his legacy and instead emphasized the goals he wants to achieve before taking the reins.
“I really want to hand this job over to whoever replaces me when the economy is in really good shape. That’s what I want,” Powell said at a Dec. 10 news conference after the central bank’s interest rate decision.
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“I want inflation to be under control and back to 2%. And I want the labor market to be strong. That’s what I want,” Powell told reporters at the Federal Reserve.
Jerome Powell was appointed by President Donald Trump in 2017. (Al Drago/Bloomberg/Getty Images)
Powell, who led the central bank for almost eight years, will complete his term in May 2026. He declined to say whether he would remain on the Federal Reserve Board of Governors afterward.
Putting further pressure on his future, Powell said: “I am focused on my remaining time as chairman. I have nothing new to say about that.’
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A man walks past the US Federal Reserve in Washington, DC (Ting Shen/Xinhua/Getty Images)
The question of succession looms as Trump weighs who to appoint next year to lead the world’s most powerful central bank.
Trump said Friday that his two leading candidates are former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett.
President Donald Trump has placed much of the blame for the state of the economy on Powell. (Aaron Schwartz/CNP/Bloomberg/Getty Images)
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Trump also said last week that he has a “very good idea” of what he is looking for in the next Fed chairman.
“I’m looking for someone who will be honest about interest rates,” Trump told reporters at the White House. “Our rates should be the lowest in the world.”
