President Donald Trump on Wednesday called Federal Reserve Chair Jerome Powell "terrible" in his latest attack on the central bank chief and said he has three or four people in mind as contenders for the top Fed job.
"I know within three or four people who I'm going to pick," Trump told reporters when asked if he is interviewing candidates to replace Powell.
The leading contenders reportedly include former Fed Governor Kevin Warsh, National Economic Council head Kevin Hassett, current Fed Governor Christopher Waller, and Treasury Secretary Scott Bessent.
Trump has repeatedly criticized Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, though he nearly as often has walked back those threats, saying on June 12 at the White House, "I'm not going to fire him." At the White House on Wednesday, Hassett declined to say whether he had spoken to Trump about Powell's replacement. "I think the President will choose the person that he likes, and it's not going to be Jay Powell," Hassett said.
Some analysts see this as an effort to influence monetary policy through a "shadow" Fed chair even before Powell leaves office in May 2026.
Fed chairs have long been seen as insulated from presidential dismissal for reasons other than malfeasance or misconduct, but Trump has threatened to test that legal premise with frequent threats to fire Powell.
He said he and many at the Fed expect inflation to rise soon and that the central bank isn't rushing to lower borrowing costs.
