Despite nearing the end of his term, Federal Reserve Chairman Jerome Powell sidestepped any discussion of his legacy, emphasizing instead the goals he wants to lock in before passing the reins.
“I really want to turn this job over to whoever replaces me with the economy in really good shape. That’s what I want,” Powell said during a Dec. 10 press conference following the central bank’s interest rate decision.
FROM MORTGAGES TO CAR LOANS: AFFORDABILITY RISES AND FALLS WITH THE FED
“I want inflation to be under control, coming back down to 2%. And I want the labor market to be strong. That’s what I want,” Powell told reporters at the Federal Reserve.
Powell, who has led the central bank for nearly eight years, is set to complete his term in May 2026. He declined to say whether he would remain on the Federal Reserve Board of Governors after that.
Pressed further on his future, Powell said, “I’m focused on my remaining time as chair. I haven’t got anything new on that to tell you.”
POWELL DECLINES TO WEIGH IN ON POTENTIAL SUCCESSORS AS TRUMP EYES NEXT FED CHAIR
When asked by FOX Business whether President Donald Trump’s public search for a new Fed chair affects his ability to do the job, Powell responded flatly, “No.”
The question of succession looms large, as Trump weighs whom to appoint to lead the world’s most powerful central bank next year.Â
Trump said Friday that his two leading candidates are former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett.
Trump also said last week that he has a “very good idea” of what he is looking for in the next Fed chair.Â
“I’m looking for somebody that will be honest with interest rates,” Trump told reporters at the White House. “Our rates should be the lowest rates in the world.”
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