01:36 PM EST, 11/07/2024 (MT Newswires) -- President-elect Donald Trump is inclined to allow Federal Reserve Chair Jerome Powell to complete his term until May 2026, CNN reported Thursday, citing an unnamed senior adviser.

Trump and his economic team presently believe that Powell should continue heading the central bank as it pursues its policy of cutting interest rates, although Trump could always change his mind, according to the report.

The Federal Reserve is widely expected to announce a 25-basis-point cut in interest rates Thursday.

Powell was appointed by Trump to head the Federal Reserve in 2018. He was re-appointed to another four-year term by President Joe Biden in 2022.

Trump's campaign office and the Federal Reserve did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)