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“Scott, you need to take care of this guy.” More threats in the style of Donald Trump
During the speech, Trump recreated a humorous dialogue between himself and Bessent, in which the finance minister allegedly stopped him from firing Powell. President he called Powell a “clown” and “extremely incompetent,” adding that had it not been for Bessent's intervention, he “would have kicked him out immediately.”
Trump jokingly warned his own secret that if he did not “fix the situation quickly”, he could count on similar treatment. Despite his harsh words, the president admitted that Bessent is a “voice of reason” for him, and Americans are “very lucky” that he heads the Ministry of Finance.
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According to Trump The head of the US Department of Commerce, Howard Lutnick, also supports Powell's dismissal. However, it was Bessent and other advisers who were to convince the president that dismissing the head of the central bank would violate the principle of his independence and cause serious turbulence in the financial markets.
Howard Lutnick
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Who will replace Powell at the Fed? The list of candidates is ready
Jerome Powell's term expires in May 2026, however Trump has been saying for months that he intends to replace him. On Tuesday, the president admitted that he had interviewed some of the candidates and had almost made a choice, although he did not reveal their names.
According to information previously provided by Bessent, the short list consists of five economists and officials associated with the Fed and the Trump administration. The candidates include: members of the Fed Board of Governors Christopher Waller and Michelle Bowman, former member Kevin Warsh, head of the National Economic Council Kevin Hassett and Rick Rieder – director at the BlackRock fund.
Although Trump has consistently emphasized that he has the right to fire the head of the central bank, he has not done so yet. However, there are many indications that his decision regarding Powell's successor is already decided, and the future of the current Fed chairman will depend on the political landscape after 2025.
