Fed Chair Buzz Grows: Trump Says He Has Finalised Powell’s Successor — Details Inside
Trump's claim of 'soon replacing' Powell comes on the back of a prolonged grievance with the US Fed Chair and his cautious stance on the rate cut scenario.
US President Donald Trump on Sunday claimed that he will soon announce the next US Federal Fed Chair, having already selected a nominee who can succeed Jerome Powell.
Speaking to reporters on Air Force One while returning to Washington, the US President confirmed his decision regarding the US Fed's leadership.
“I know who I am going to pick, yeah. We’ll be announcing it,” Trump said.
Trump's claim of 'soon replacing' Powell comes on the back of a prolonged grievance with the US Fed Chair and his cautious stance on the rate cut scenario.
For a while, the US President has vouched for aggressive rate cuts to promote growth in the US economy. He has also blamed Powell for not cutting rates sooner.
As per Bloomberg, White House National Economic Council Director Kevin Hassett is the likely frontrunner in the race to become the next US Fed.
It appears Trump views Hassett as a favourable option as his views on aggressive rates align with those of Trump, although the appointment may raise questions about independence within the US Federal Reserve.
“We had a great Treasury auction, interest rates went down and I think that the American people could expect President Trump to pick somebody who’s going to help them have cheaper car loans and easier access to mortgages at a lower rate,” Hassett said in a recent interview with CBS News.
In yet another interview to Fox News, Hassett went a step further and admitted he would be happy to serve as the US Fed Chair if given the opportunity.
Treasury Secretary Scott Bessent suggests Trump may announce his final nominee before the Christmas holiday.
There are other candidates also involved in the race, though, including Fed governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh and BlackRock executive Rick Rieder.
