Trump gets closer to naming his pick to replace Powell as Fed chair
President Donald Trump is reportedly moving closer to naming a successor to Federal Reserve Chair Jerome Powell, potentially as early as September or October 2025, despite Powell's term not expiring until May 2026. Trump has expressed dissatisfaction with Powell's reluctance to lower interest rates, calling him "terrible" and "stupid"
The leading candidates under consideration include:
Kevin Warsh: A former Fed governor and current Hoover Institution fellow, Warsh is viewed as a strong contender. Trump has praised him as "very highly thought of" .
Kevin Hassett: Serving as the National Economic Council director, Hassett has been mentioned as a potential nominee .
Scott Bessent: The U.S. Treasury Secretary, Bessent has expressed willingness to take on the role, making him a notable possibility .
Christopher Waller: A current Fed governor who has recently advocated for rate cuts, Waller is also considered a potential successor .
This move has already impacted financial markets. The U.S. dollar fell to a three-year low, and U.S. Treasury yields declined, as investors reacted to the uncertainty surrounding the Federal Reserve's leadership . Economists warn that an early replacement could undermine the Fed's independence and credibility, especially if the new chair favors aggressive interest rate cuts .
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