President Donald Trump has announced he has selected a replacement for Federal Reserve Chairman Jerome Powell. The president says the new nominee will be announced "very soon."
Trump has been on Powell for months to lower the Interest rates, which are presently holding back the economy. Powell has claimed the financial data does not support an interest rate cut at this time.
The two men met quietly at the White House last week and since then, Trump has publicly berated Powell as "Too Late Powell" because Central Banks around the world have lowered their key interest rates, but the federal reserve here in the US has not.
Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022.
Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. M
r. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028. Looks like he's not going to stay that long.
