Trump Says He Feels He Knows Who He Will Choose as the Next Chairman of the Federal Reserve
US President Donald Trump said he feels he knows who he will choose to be the next chairman of the Federal Reserve (Fed). Speaking to reporters at the White House, Trump admitted he wants to immediately remove current Fed Chairman Jerome Powell, but "people around him" are holding him back from doing so.
The search for a Fed chairman is being led by US Treasury Secretary Scott Bessent. He said the shortlist of candidates includes two Fed Governors, Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. Trump said there are some "surprising" names and some "standard" names, and he left open the possibility of choosing a candidate who is politically safer.
Bessent explained that the selection process is still ongoing. There will be another round of interviews, and then several White House officials will also conduct interviews after the Thanksgiving holiday. According to Bessent, Trump is scheduled to meet with the three final candidates in mid-December and is expected to announce his choice before Christmas.
Trump himself has long criticized Powell for being too slow in lowering interest rates. Powell's term as Fed chairman expires in May, but his term as a member of the board of governors ends in 2028. Trump has expressed his desire for Bessent to become Fed chairman, but Bessent has made it clear he is content in his current position and will not be a candidate.
The new Fed chairman will serve a 14-year term beginning February 1, replacing Stephen Miran. Whoever is elected will face a daunting task: fulfilling Trump's desire for lower interest rates while maintaining market confidence and financial stability. (asd)
Source: Bloomberg.com
