'Won't Address On Economy, Monetary Policy,' Says Fed Chair Jerome Powell As Trump Set To Name His Successor

Federal Reserve Chair Jerome Powell on Monday steered clear of commenting on the United States’ current economic conditions or the Fed’s monetary policy.

Speaking at a Hoover Institution event at Stanford University, where he delivered the opening remarks, Powell made his position explicit. “Just to be clear, I will not address current economic conditions or monetary policy,” he said.

His comments come ahead of the Fed’s upcoming monetary policy decision later this month, with experts expecting further rate cuts. In October, the central bank lowered the federal funds rate by 0.25%, setting the target range at 3.75–4.00%. At the time, the Fed indicated more cuts were likely, though it warned that a reduction in December was not guaranteed.

Powell used his speech to honour George Shultz, the former US Secretary of State. “I am deeply honoured to have been asked to speak here today about the remarkable legacy of George Shultz,” he said.

“As one of the most successful policymakers of his era, George brought the intellectual rigor of an academic to the practical, constrained, messy work of policymaking. Through four cabinet appointments, he dealt with many of the great issues of his day, with remarkable success,” Powell noted during the George P. Shultz Memorial Lecture Series.

Drawing from economic history, the Fed Chair remarked that the structure of the economy is continuously evolving and that “our understanding of it is highly uncertain.”

Although Powell’s speech came after markets had closed, investors and analysts are expected to closely track market movements on Tuesday.

Powell’s policy-related remarks came a day after US President Donald Trump said he had made his decision on who will serve as the next Federal Reserve Chair.

“I know who I am going to pick, yeah,” Trump told reporters aboard Air Force One on his return to Washington, without naming his choice. “We’ll be announcing it.”

The President has repeatedly criticised Powell for not cutting rates quickly enough and has signalled that the next Fed chief must deliver interest rate reductions.

In a CNBC interview, Treasury Secretary Scott Bessent said Trump is likely to reveal his nominee for Fed Chair before Christmas.

While Trump has not publicly named a candidate, Bloomberg reported—citing people familiar with the matter—that White House National Economic Council Director Kevin Hassett, Trump’s chief economic adviser, is viewed as the leading contender to succeed Powell.