On Friday, Jerome Powell’s term as chair of the United States Federal Reserve Board of Governors will come to a close after months of tension between the White House and the central bank, as US President Donald Trump pushes for more aggressive interest rate cuts.
Powell’s term ends on May 15, and he will be succeeded by Trump appointee Kevin Warsh, who served on the central bank’s board of governors from 2006 to 2011. Powell will continue on the board as a governor after stepping down as chair.
Recommended Stories
list of 4 items list 1 of 4 Kevin Warsh confirmed as new US Federal Reserve chair amid controversy
list 2 of 4 US-China summit: Why Beijing may have the advantage
list 3 of 4 Trump administration offers $100m in aid to Cuba in exchange for reform
list 4 of 4 ‘Never mess it up’: What Xi and Trump said on day one of Beijing talks
end of list
Powell, who was first appointed by Trump in 2018, said he planned to stay on to help preserve the central bank’s independence.
The announcement came…
