U.S. President Donald Trump said on the 25th (local time) that he has 3 to 4 candidates in mind for the successor to Jerome Powell, chair of the U.S. Federal Reserve (Fed). The two are in conflict over the issue of interest rate cuts.
After attending a North Atlantic Treaty Organization (NATO) summit in The Hague, Trump responded to a question during a press conference about whether he has begun interviewing candidates for Powell's successor by saying, "Yes. I know 3 to 4 people I will choose."
Trump expressed his dissatisfaction with Chair Powell, saying, "Fortunately, he is leaving soon. I think he is terrible." Powell's term will end in May of next year. Trump did not mention who the candidates for his successor are.
Scott Bessent, U.S. Secretary of the Treasury, former Fed board member Kevin Warsh, White House National Economic Council Chair Kevin Hassett, Fed board member Christopher Waller, and former World Bank President David Malpass are being mentioned as candidates for the next Fed chair.
On this day, Trump also criticized Chair Powell for not lowering the interest rates as he demands. He pressured Powell, saying, "We have no inflation, the economy is very strong, and hundreds of billions of dollars in tariff revenue are coming in."