Trump praises Fed chair Powell, vows not to remove him

US President Donald Trump said he will not remove Jerome Powell as Federal Reserve Board chairman before his term ends in May 2026 while describing the central banker as “a total stiff” and repeating calls for the Fed to lower interest rates.

- ANDREA SHALAL

Trump insisted that his moves to upend the global trading system with higher tariffs would eventually make Americans rich, and insisted that a first-quarter contraction in the US economy was the result of former President Joe Biden’s policies.

In an interview with Meet the Press with Kristen Welker on NBC News that aired on Sunday, Trump said he expected the Fed to lower interest rates at some point.

“Well, he should lower them. And at some point, he will. He'd rather not because he’s not a fan of mine. You know, he just doesn’t like me because I think he’s a total stiff,” he said in the interview, which was taped in Florida on Friday.

Asked if he would remove Mr Powell before his term as chair ends in 2026, Trump issued his most definitive denial, saying, “No, no, no. That was a total — why would I do that? I get to replace the person in another short period of time.”

Wall Street stocks fell sharply last month after Trump doubled down on his attacks against Mr Powell, amplifying concerns about the central bank’s autonomy and rattling markets. After the nosedive, Trump has backed off somewhat.