Janet Yellen salutes Powell being 'completely committed to the Fed’s independence'

Former Treasury Secretary Janet Yellen defended Federal Reserve Chairman Jerome Powell against calls for his resignation.

President Donald Trump has floated replacing Powell, 72, who was nominated by Trump during his first term in 2018, with current Treasury Secretary Scott Bessent. Powell’s term is up in May 2026, and Yellen supported Powell finishing his term while on CNBC’s Squawk Box on Tuesday. The former treasury secretary was asked what she thought about Powell stepping down early.