Reports have emerged that U.S. President Donald Trump will early nominate a successor to Jerome Powell, chairman of the Federal Reserve (Fed), the U.S. Central Bank, while the White House stated that a decision on the successor is not imminent.
On the 26th (local time), the British Financial Times (FT) reported that the White House said, "The president has the right to change his mind, but the decision on the Fed chair nomination is not imminent," adding, "The president has many good options for the next Fed chair candidate."
Previously, the U.S. Wall Street Journal (WSJ) quoted multiple anonymous sources saying that President Trump might announce a successor to Powell by September or October, with the likelihood that it could be announced as early as this summer. Powell's term lasts until May of next year, leaving 11 months remaining.
Following these reports, the value of the dollar fluctuated. The dollar index, which shows the value of the dollar against the currencies of six major countries (including the euro and yen), fell by as much as 0.7% compared to the previous closing and continued to trade at levels that declined by 0.5%. This is the lowest level in about three years since early March 2022.
As potential successors to Powell, former Federal Reserve board member Kevin Warsh, National Economic Council Chairman Kevin Hassett, Treasury Secretary Scott Bessent, and Federal Reserve board member Christopher Waller are being prominently mentioned. Waller mentioned in a CNBC interview on the 20th that it is time to start considering a rate cut in July.