Donald Trump wants to dump central bank chairman Jerome Powell if he wins the election. Trump said he believes Powell will cut interest rates to improve Democratic incumbent Joe Biden's re-election prospects.
Powell's second four-year term as Fed chief expires in 2026. There is currently no talk of interest rate cuts. According to the latest figures, the US labor market is very robust, which, from the Fed's perspective, poses some challenges. A robust job market and rising wages mean additional inflation risks.