Trump gets closer to naming his pick to replace Powell as Fed chair
Trump told reporters Wednesday that that he is down to three or four candidates, and The Wall Street Journal reported late Wednesday that he could announce his final pick by September or October — or even this summer — to undercut Powell's authority for the remainder of his term ending in May 2026.
"I know within three or four people who I'm going to pick," the president said Wednesday without offering specific names.
The Wall Street Journal reported that former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett are among the people being considered by Trump, and that Treasury Secretary Scott Bessent has been pitched as well.
Before Trump was elected, Bessent in 2024 floated the idea of naming a "shadow chair" well before Powell's term was up, ensuring that "no one is really going to care what Jerome Powell has to say anymore."
Bessent told lawmakers earlier this month he would like to remain in his seat until 2029, but he did not dismiss the possibility of becoming the next chair of the Fed.
Bessent said he has "the best job" in Washington and is "happy to do what President Trump wants me to do," while noting that "I would like to stay in my seat through 2029" to help carry out the administration's agenda.
Former World Bank President David Malpass and Fed governor Christopher Waller are among other possible candidates, the Journal reported. Waller has been outspoken recently about his support for rate cuts, a stance that would surely please Trump.
The active consideration of Powell successors comes after a period of intensifying pressure from Trump as the chairman's guarded wait-and-see monetary policy stance continues to inflame tensions with the White House. The president has called repeatedly for rate cuts and lobbed a series of insults at Powell via social media, from "loser" to "fool."
Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments
Trump's comments on Wednesday didn't address the question of whether he is looking to fire Powell or announce his final pick quickly. Last week the president mused: "Maybe, just maybe, I'll have to change my mind about firing him?"
Powell has said he intends to serve out his term as chair, and that he can't be removed by law.
"He goes out pretty soon, fortunately, because I think he's terrible," Trump added Wednesday.
The comments from the president came as Powell sat before Senate lawmakers for his second day of regularly scheduled testimony before Congress.
Powell told lawmakers that the central bank is "well-positioned to wait" on any interest rate adjustments until it has more clarity on how Trump's tariffs will affect inflation and the direction of the US economy.
Read more: What Trump's tariffs mean for the economy and your wallet
The president's attacks on Powell intensified at the end of last week as Trump called for rates to drop from 4.25% to 4.5% to between 1% and 2% and said of Powell and the Fed's board of governors, "I don't know why the Board doesn't override this Total and Complete Moron!"
Trump repeated some of those points in a Tuesday social media post, calling for rates "at least two to three points lower" and saying that Powell "will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate."
"I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come."
On Wednesday, Trump reiterated his oft-stated case for why Powell should lower rates by at least one percentage point immediately, citing "no inflation."
He also recounted an earlier face-to-face meeting with Powell, offering a mocking voice for Powell, and repeated his personal attacks by saying "I think he's a very stupid person actually" and calling him "an average mentally person."
Trump is not the only one calling for lower rates. Even some of Powell's fellow policymakers — Fed governors Michelle Bowman and Waller — have said in recent days that they now see cutting rates as soon as the Fed's next policy meeting in July due to recent mild inflation readings.
But other officials have pushed back on that urgency and warned that it is too soon to know the true effects of tariffs on inflation.
Trump has even mused about appointing himself Fed chair. One lawmaker asked Powell on Tuesday if that was even possible.
"I don't know," he said, adding that it's "not a question for me."
Powell has not said if he also plans to leave the Fed's board. His term as a Fed governor is not up until 2028.
On Tuesday he repeatedly dodged questions about Trump, Trump's policies and personal insults.
"All I want to do in what's left of my time at the Fed is to have the economy be strong and have inflation be under control. I want to turn it over to my successor in that condition."
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