While Trump has previously said he wouldn’t fire Powell, he has said he would not nominate him again after his term ends in 2026. Still, close advisers to the newly elected president have said the Fed chair should step aside, Politico reported.

Fortunately, there’s a clear way for him to mitigate that damage and start his term on the right foot with bond markets: He should declare his full faith in Federal Reserve Chair Jerome Powell, whose term runs until May 2026, and pledge to hold his tongue on matters of monetary policy.