The White House said Donald Trump’s decision on a successor for Federal Reserve Chair Jerome Powell is not near, after the Wall Street Journal reported the president could make a pick as soon as the summer.
No decisions are imminent, although the president has the right to change his mind, a White House official said on Thursday. Trump has many good options to nominate as the next central bank chief, according to the official.
The dollar fell and U.S. Treasurys rallied after the paper reported that Trump has considered naming Powell’s replacement by September or October, citing anonymous sources. One unnamed person said Trump’s ire toward Powell could prompt an even earlier choice this summer.
Powell’s term as chair does not expire until May 2026, and choosing a replacement that early would be unusual.
Trump has repeatedly bashed the Fed chair over the bank’s position to hold interest rates steady, calling for cuts and arguing its policy is keeping U.S. government borrowing costs high.
Trump said Wednesday that he has “three or four people” on his list of potential replacements for Powell. Earlier this month, the president said he was considering nominees and that they would come out “very soon.”
Recently, the president has intensified his personal criticisms of Powell. During a Wednesday press conference at the NATO summit, Trump called the bank chief “terrible” and an “average mentally person” with “low IQ.”
(Credit: ALM/Diego Radzinscihi)
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