Trump Adviser Pushes for Jerome Powell’s Exit From Fed Board

Kevin Hassett told Fox News that it is time for Powell to move on, echoing President Donald Trump’s demand that the former chair be forced out. Although Powell stepped down as Fed chair in May, he remains a voting member of the Federal Open Market Committee, a departure from the tradition of former chairs exiting the board entirely. This unique position allows Powell to retain a vote on interest rate policy, a factor that continues to draw scrutiny from the White House.

For investors, the potential removal of Powell carries implications for Bitcoin and broader risk assets, though the immediate impact remains unclear. A vacancy on the seven-member Board of Governors would grant Trump the power to nominate a successor, pending Senate confirmation. Whether this shifts Bitcoin’s trajectory depends less on Powell’s departure and more on the monetary stance of his eventual replacement. While markets have recently cooled their expectations for an October rate hike following weak payroll data, Treasury yields remain stubbornly high, continuing to exert pressure on cryptocurrency valuations despite renewed institutional demand via spot ETFs.