President-elect Trump said he doesn’t plan to remove Federal Reserve Chair Jerome Powell before his term ends. His comments aired during an NBC News "Meet the Press" interview.
Host Kristen Welker asked if Trump would try to fire Powell, a frequent target of his criticism during his first term. Trump replied, "No, I don’t think so. I don’t see it. But I don’t – I think if I told him to, he would. But if I asked him to, he probably wouldn’t."
When pressed again, Trump reiterated, "No, I don’t."
Trump has been vocal about his disapproval of Powell, once calling him a "bonehead" and threatening to fire him during his presidency. He also criticized Powell throughout this year’s campaign.
"I think he’s political. I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said in February on FOX Business Network.
Trump confirmed he wouldn’t reappoint Powell, saying, "He did miss [on inflation], he did miss … I would have a couple of choices. I can’t tell you now."
In June, Trump told Bloomberg News he would let Powell serve out his term if re-elected. "I would let him serve it out, especially if I thought he was doing the right thing," he said.
Powell’s term as chair ends in May 2026, but his Fed Board of Governors role continues until 2028.
At a press conference in November, Powell was asked if he’d resign if Trump requested it. His response? "No." Asked if he believed the president could fire or demote him, Powell firmly stated, "Not permitted under the law."