Trump is dissatisfied with Powell to not cut interest rates and replaces it
President Donald Trump will take another swipe with Federal Reserve Chairman Jerome Powell ahead of his June decision on interest rates.
president Donald Trump, Frustrated with the Federal Reserve by not cutting interest rates, Chairman Jerome Powell called him “Nakbuskul,” “Mr. Too Late,” and called him a “silly man” before policymakers would stop changing interest rates for the fourth time this year on Wednesday.
He also named Powell’s alternative, despite his term as chairman until May 2026 and serving as governor until January 31, 2028.
At a press conference Wednesday, Powell was asked about Trump’s verbal shaming and criticism of interest rates.
“From my point of view, that’s not complicated. What everyone at FOMC wants is a good, solid American economy with strong labor markets and price stability. That’s what we want. Our policies now offer it and I think we can respond in a timely manner as the data guides us. The economy is resilient. He refused to say if he would stay as Fed governor if he weren’t reappointed.
Fox Business will look at the potential candidates in the end He leads the Federal Reserve.
Scott Bett
Scott Bessent is now the Secretary of the Treasury and has spent much of his career managing investments. (Photo: Andrew Harnik / Getty Images / Getty Images)
Scott Bescent, current Secretary of Treasuryspent much of his career managing investments, including billionaire George Soros. Bloomberg news reports that he is a front runner. In recent Congressional testimony, he said his current role was “the best job” in the country’s capital, and that he “willing to do what President Trump wants from me.”
The Fed is stabilizing interest rates, even amid Trump’s shaming
Kevin Hassett
Kevin Hassett is currently the director of the National Economic Council. (Anna Money Maker/Getty Images)
Economist and director of the National Economic Council, Kevin Hassett is serving as Trump’s second stint after leading the Economic Advisors Council during Trump’s first term. Hassett was vocal On promoting the “big beautiful bill,” part of Trump’s tax platform.
Will pressure from Trump and Vance spur Powell to cut interest rates?
Judy Shelton
Judy Shelton testifies before the Senate Bank, Housing and Urban Affairs Committee at a hearing on February 13, 2020 in Washington, D.C. regarding the nomination of members to be designated by the Federal Reserve Board. ((Photo: Sarah Silbiger/Getty Images))
As a currency economist and senior fellow at the Independent Institute, she advised Trump during his first term and was a federal repliant. Still, she recently admitted that she’s not on the list as much as other potential picks.
“I am extremely honored to have been mentioned at least. I won’t say Toptia, but I’m happy to see my name being submitted because President Trump praised me for appointing me to serve the governor’s officers,” she said in an interview with Charles Payne of Fox Business Network.
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Kevin Worsh
Kevin Worsh is a former governor of the Federal Reserve. (Photographer: Tierney L. Cross/Bloomberg via Getty Images)
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Former Fed Kevin Wersch, who considered the role of Treasury Secretary before Trump chose to nominate Bescent, is also on a short list of the roles of the Fed Chairman, according to Bloomberg. Warsh is currently the Shepard Family Distinguishedivestinguting Fellow of Hoover Institution’s Economics.
Eric Revell from Fox Business Network contributed to this report.