Who will become the head of the Fed? Trump provided new information. Here's the name exchange
Donald Trump announced on Thursday that he will announce his choice as the new president of the US central bank next week. This is one of the most important decisions in the country's economic policy. Investors around the world are also waiting for it. Who is on the name exchange?
The rest of the article below the video:
“We will announce who will be the head of the Fed,” Trump said during a cabinet meeting, adding that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were involved in the decision. “I think he will be a person who will do well.”
Jerome Powell – Chairman of the Board of Governors of the Federal Reserve System.
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Yukinobu SAKAMOTO/Associated Press/East News/East News
Trump's statement came a day after the central bank voted to maintain interest rates unchanged, after three consecutive reductions. Fed board member, Christopher Wallerwho is on Trump's short list of candidates, was one of two people opposing the decision, Politico writes.
The term of office of the current Fed chairman, Jerome Powell, ends in May. He has two more appointments left as head of the central bank.
Donald Trump: decision next week. Here's the name exchange
Other candidates who interviewed Trump for the job include a former Fed board member Kevin WarshBlackRock executive Rick Rieder and White House economic adviser Kevin Hassettalthough Trump has suggested he would prefer to keep Hassett in his current position, Politico notes.
President again attacked the outgoing chairman of the Federal Reservein a post published Thursday on Truth Social.
“Jerome > (late) Powell has again refused to lower interest rates even though there is absolutely no reason to keep them so high. He is harming our country and its national security,” the president wrote.
Donald Trump's conflict with the head of the Fed
Just months after Powell's nomination in 2017, Trump sharply criticized him for raising interest rates. During his second term, the president escalated his attacks, calling the Fed chairman a “stubborn jackass” and a “fool” who he “would like to fire.”
The pressure exerted by the Donald Trump administration on Fed Chairman Jerome Powell is becoming increasingly controversial. US President calls on Jerome Powell to “significantly” lower interest rates. The Federal Reserve chairman is at the center of a federal investigation into the Fed's $2.5 billion renovation of its headquarters.
Source: Politico, Reuters
