Economic experts weigh in on the likelihood that current Federal Reserve Chair Jerome Powell will be re-nominated for a second term. Powell has been frequently and publicly criticized by President Trump for not lowering the federal funds rate, an interest rate benchmark that is set by the Federal Reserve’s Federal Open Market Committee. The current rate is 1.5%-1.75%, a number that President Trump would prefer to be at or below zero percent. Additionally, given that Democratic presidential candidates Sen. Kamala Harris (D-CA), Sen. Cory Booker (D-NJ), and Sen. Elizabeth Warren (D-MA) previously opposed Powell’s confirmation, Powell is at risk of not being re-nominated for a second term by both Trump or his Democratic rivals.
Read more via American Banker.