(Bloomberg) — Former President and likely Republican nominee Donald Trump reiterated Friday he would not appoint Jerome Powell to head the Federal Reserve if he is reelected in November, saying the chairman was looking to lower interest rates to help President Joe Biden return to his position.
Most Read from Bloomberg
“No, I wouldn’t,” Trump said when asked about keeping Powell after his term expires in 2026, in an interview with Fox Business Network.
“I think he’s going to do something to help the Democrats, if he lowers interest rates,” Trump said.
In August, Trump said Powell was “always late, whether it was good or bad” with making policy decisions and said he was surprised Powell had been reappointed.
Asked why the stock market was doing so well if the economy is in bad shape under Biden, Trump said traders were optimistic he would return to the White House.
“Because they think I’m going to be elected,” he said.
Most of the recent Wall Street rally has been fueled by bets that the Federal Reserve is going to start cutting interest rates soon and investors piling into tech stocks buoyed by the booming artificial intelligence sector.
–With assistance from Matt Turner.
(Updates with prior Trump comments and market context)
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.