Trump Teases Fed Chair Replacement Shortlist: 'Anybody But Powell'
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President Donald Trump has said he has a few people in mind to lead the Federal Reserve—"anybody but [Jerome] Powell," he told Fox News on Sunday.
Powell, who was appointed by Trump to lead the Fed in 2018, has been put under pressure by the president, who has accused him of keeping high interest rates too high.
However, Trump's calls for Powell to be fired have spooked the market, leading to a spike in interest rates.
Newsweek has contacted the Federal Reserve via email for comment.
President Donald Trump answers questions from reporters on June 27, 2025, at the White House in Washington, D.C.
President Donald Trump answers questions from reporters on June 27, 2025, at the White House in Washington, D.C.
Manuel Balce Ceneta/AP Photo
Why It Matters
Powell's term as chair of the Fed ends in May 2026, but Trump is reportedly considering announcing a replacement as early as September or October 2025.
This strategy aims to diminish Powell's influence by creating a "shadow Fed chair" scenario, where the announced successor could sway market expectations and policy direction before officially taking office.
What To Know
Fox News' Maria Bartiromo asked the president if he was discussing other names in order to put more pressure on Powell, to which Trump replied: "No, because reporters ask me, 'Do you have other names? I say, yeah. I do. Anybody but Powell. He's a bad person."
This is not the first time the Trump has levied personal insults at Powell, having called him a "dumb, hardheaded person" and, on other occasions, a "stupid person."
Potential candidates for the job include Treasury Secretary Scott Bessent, former Fed Governor Kevin Warsh, White House economic adviser Kevin Hassett and current Fed Governor Christopher Waller.
Federal Reserve Chairman Jerome Powell testifies during the Senate Banking, Housing and Urban Affairs Committee on June 25, 2025.
Federal Reserve Chairman Jerome Powell testifies during the Senate Banking, Housing and Urban Affairs Committee on June 25, 2025.
Tom Williams/CQ Roll Call via AP Images
Trump has emphasized that he will only nominate individuals who support immediate and substantial interest rate cuts.
The Federal Reserve last cut interest rates in December, and these may be evaluated again in mid-July.
Powell explained to Congress on June 24 that the Fed is waiting to see what impact Trump's tariffs have on the economy before cutting interest rates, as moving too soon could lead to inflation.
While Trump cannot legally remove Powell before his term concludes—due to the Federal Reserve's independence and a recent Supreme Court ruling affirming that Fed officials cannot be dismissed over policy disagreements—he appears determined to influence the Fed's future direction by selecting a successor aligned with his monetary policy preferences.
What People Are Saying
President Donald Trump told Fox News: "I have three [names in mind.] They'll all be good." When Warsh's name was mentioned, he said: "Kevin is very talented, but I don't know that it's going to be him. But he's a very talented guy. He wouldn't be doing what Powell is."
What Happens Next
Powell will remain in his position until 2026. However, the president appears ready to name a successor prior to his departure.
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