Trump hosted the swearing-in ceremony for Federal Reserve Chairman Powell on Friday.

The US government announced on Thursday that President Trump will host a swearing-in ceremony for Federal Reserve Chairman Powell at the White House on Friday. The Senate voted on May 13 to confirm Powell's appointment, replacing Powell as Chairman of the Federal Reserve, but Powell will continue to serve as a Federal Reserve Governor until 2028. The 56-year-old Powell will begin a four-year term as Chairman of the Federal Reserve and a 14-year term as a Federal Reserve Governor. Trump chose him as a fortress against further interest rate hikes. Powell has long expressed his desire to lower interest rates while reducing the Federal Reserve's balance sheet. Some Federal Reserve officials are considering raising interest rates to curb inflation caused by the Iran war. According to meeting minutes released on Wednesday, most Federal Reserve policymakers believe that if inflation continues to exceed the 2% target, "some policy tightening measures may become appropriate."