On Tuesday, Wharton economist Jeremy Siegel shared his views on the recent U.S. presidential election. He suggested that President-elect Donald Trump should express gratitude to Jerome Powell, the Federal Reserve Chair, for his victory.
What Happened: Siegel’s comments were made during an appearance on CNBC’s Squawk Box. He stated, “Instead of criticizing Jay Powell, I think Trump should thank Jay Powell because his overly easy policy during the Biden administration causing all that inflation was certainly one of the reasons Trump won the election.”
His remarks come amid ongoing discussions about Powell’s future role under Trump’s leadership. Powell has been a focal point of debate, especially concerning his handling of interest rates.
Why It Matters: The re-election of Donald Trump has sparked renewed discussions regarding the potential for conflict between the White House and the Federal Reserve. Powell has dismissed any speculation about his resignation, asserting that the president cannot legally dismiss him. This stance was reiterated during a press conference following a recent interest rate cut by the Fed.
Economists have speculated that 2026 might be Powell’s final term if tensions with Trump escalate. The central bank’s policies have been under scrutiny, and Siegel’s comments add another layer to the ongoing debate about the Fed’s influence on the economy and political landscape.
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