Trump Selects Nominee to Replace Federal Reserve Chair Jerome Powell
President Trump has chosen a successor for Federal Reserve Chair Jerome Powell and is prepared to announce the nomination imminently, signaling a significant leadership change for the nation's central bank.
Overview
President Trump has made a decision regarding the next leader of the Federal Reserve, selecting a replacement for the current Chair, Jerome Powell.
The chosen individual is expected to be formally nominated by President Trump in the near future, with an announcement anticipated soon.
This nomination signifies a potential shift in the leadership of the Federal Reserve, impacting future monetary policy and economic direction.
The selection process involved President Trump identifying a candidate to take over the critical role of Federal Reserve Chair.
The upcoming announcement will reveal the identity of the nominee, who will then await Senate confirmation to assume the position.
Analysis
Center-leaning sources frame this story by emphasizing the potential for political interference and disruption to Federal Reserve independence. They use loaded language like "frenzy" and "chaos" and highlight the concept of a "shadow Fed chair" to suggest a diminished role for the current chairman. The narrative focuses on market anxieties and the implications of a politically aligned nominee, underscoring potential instability.
Articles (3)
FAQ
The main candidates include Kevin Hassett (Trump's chief economic advisor), Kevin Warsh (former Fed governor), current Federal Reserve Board Governor Christopher Waller, and possibly others like Treasury Secretary Scott Bessent, who declined the role.
If Kevin Hassett is appointed, he is expected to have a dovish stance aligned with the Trump administration, likely reinforcing market expectations for more aggressive rate cuts, which could increase easing in monetary policy and put downward pressure on the U.S. dollar.
Jerome Powell's term is scheduled to end in May 2026.
The nomination is unfolding amid rising affordability pressures and persistently high living costs, which are testing the administration's economic agenda and increasing scrutiny on the Fed's role in influencing inflation and interest rates.
President Trump has criticized Powell for not acting aggressively enough to ease affordability pressures, indicating a rift between the White House and the Fed and suggesting he may steer Fed policy more directly under new leadership.
History
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