Donald Trump: I’ll sack head of US Federal Reserve

Donald Trump has said he will sack the chairman of the US Federal Reserve if he returns to the White House.

The former president – who is widely expected to be the Republican nominee – said he would not reappoint Jerome Powell if he wins the election in November.

Asked on Fox Business if he would keep Powell in the job, Trump said: ‘No, I wouldn’t.’

Trump appointed Powell as chairman of the central bank in 2018 when he was in the Oval Office. Powell was sworn in for a second four-year term by President Biden in 2022.

But a Trump victory this year would make a third term starting in 2026 highly unlikely.

Trump claimed that Powell – who has raised interest rates in the US to the highest level for 23 years – is trying to cut them to help Biden stay in office.

‘I think he’s going to do something to help the Democrats,’ he said.

And asked why the US stock markets have hit record highs this year, Trump said investors were betting on his return to the White House.

‘They think I’m going to be elected,’ he said.