Summary
President Donald Trump announced that he will reveal his choice for the new Federal Reserve chair next week. He has been critical of the current chair, Jerome Powell, for not lowering interest rates as much as he desires. Powell's current term as chair ends in May, but he could remain on the board until 2028.
Key Facts
- President Trump plans to announce his selection for the new Federal Reserve chair next week.
- Jerome Powell is the current chair of the Federal Reserve.
- President Trump has criticized Powell for not reducing interest rates enough.
- Jerome Powell wants the Federal Reserve to remain independent and base decisions on economic data, like inflation and jobs.
- Powell's term as chair ends in May, but he can stay on the board of governors until 2028.
- President Trump wants the Federal Reserve to lower rates when the economy shows growth signs.
