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Republican presidential nominee and former U.S. President Donald Trump raises his fist during Day 1 of the Republican National Convention (RNC) at the Fiserv Forum in Milwaukee, Wisconsin, U.S., July 15, 2024.

Donald Trump will allow Federal Reserve Chair Jerome Powell to complete his term at the central bank if he won the November election, the Republican presidential candidate told Bloomberg Businessweek in an interview.

"I would let him serve it out, especially if I thought he was doing the right thing," Trump told Bloomberg Businessweek. President Joe Biden nominated Powell to serve a second four-year term as Fed chief in May 2022.

Powell is also a Fed governor, a position he will hold until Jan. 31, 2028.

These comments mark an about-face from the former president, who has had a strained relationship with the central bank leader.

Powell took the helm as Fed chief in February 2018, and he had faced criticism from then-President Trump over the years on interest rate policy.

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