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Former New York Fed President Dudley: The Fed is under heavy attack, supports Powell to stay on the board
Former Fed New York President Bill Dudley said that Jerome Powell staying on the Board of Governors after stepping down as chair will help reassure Wall Street and the public, as President Donald Trump continues to pressure for lower interest rates.
Dudley believes that Powell’s continued presence at the Fed will strengthen the perception of the agency’s independence. He said Powell might see this as a wise move if he wants to stay after his term as chair ends on May 15th.
Powell’s term at the Federal Reserve Board of Governors extends until 2028. His decision to stay after stepping down as chair is rare in Fed history.
Dudley also said the argument for monetary easing is “weak,” while traders are no longer betting that the Fed will cut interest rates this year. Trump’s nominated candidate, Warsh, has outlined reasons supporting the rate cuts that Trump desires.
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