Jeromepowel

Jerome Powell’s days as Fed Chair are coming to an end as US Treasury Secretary Scott Bessent says the Trump-led administration is hunting for a replacement. Bessent has made the cut for a pool of candidates to replace Jerome Powell, with the Treasury Secretary open to assume the role.
Trump Administration Searching For New Fed Chair, Says Scott Bessent
According to a Bloomberg interview, Treasury Secretary Scott Bessent has confirmed the government’s plans to replace Jerome Powell as Fed Chair. Bessent disclosed that the Trump administration will work on finding Powell’s successor over the coming weeks and months.
Bessent has emerged as a contender for the Fed Chair role, prompting a clarification. In his interview, the current Treasury Secretary revealed that he is not mulling over the idea of replacing Powell as Fed Chair.
Bessent argues that he has “the best job” in the capital and is doing a remarkable job as Treasury Secretary. He revealed that his office will have the tax bill on President Trump’s desk by July 4 and wrap up the trade talks shortly. However, Bessent says the choice of Fed Chair ultimately lies with President Trump, and he will assume the role if appointed.
“I will do what the President wants, but I think I have the best job in DC,” said Bessent.
The Treasury Secretary says the administration will announce a replacement as early as October, with Powell’s term ending in May 2026. For now, the top candidates to lead the Fed include Scott Bessent, Kevin Hasset, Christopher Waller, and Kevin Warsh.
Jerome Powell Faces Pressure Over Interest Rates
Scott Bessent has lent his voice to the growing din, urging the Jerome Powell-led Federal Reserve to cut interest rates. Bessent points to falling inflation metrics and low inflation from tariffs as justifiable reasons for an interest rate cut.
President Trump has urged the Fed to cut interest rates by 1%, going on to send a handwritten note to Powell. The US president argues that the Fed’s decision to keep interest rates steady is costing the US billions, calling on Powell to resign.
However, traders are betting on a potential interest rate cut by the Fed in July as pressure on Powell surges. Furthermore, the traders are hinging their bets on Federal Reserve Governor Christopher Waller’s claim that interest rate cuts will happen in July.

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Federal Reserve Chairman Jerome Powell said that the turbulent trade war waged by U.S. President Donald Trump could put the Fed in a difficult position it hasn't faced in nearly half a century.
The central bank's chairman, in prepared remarks for an event hosted by the Economic Club of Chicago, said, 'The level of announced tariff increases so far is much larger than expected; we may find ourselves in a difficult position where our dual-mandate goals are strained.'

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Francois Villeroy de Galhau, a member of the Governing Council of the European Central Bank and head of the French central bank, praised U.S. Federal Reserve Chairman Jerome Powell, describing him as a "model central banker" who demonstrates independence and courage in revealing economic truths, despite the increasing political pressures he faces from the U.S. administration.

US President Donald Trump has cautioned that the US economy may face sluggish growth if Federal Reserve Chair Jerome Powell does not promptly reduce interest rates.

This warning is particularly important given the potential effects a slowdown in the US economy could have on the cryptocurrency market.
Donald Trump Issues Warning Regarding Jerome Powell's Rate Decisions
In a post on Truth Social, Donald Trump expressed concerns about a potential "slowing of the economy" if Federal Reserve Chair Jerome Powell does not reduce interest rates.

He emphasized that with costs decreasing, the likelihood of inflation is minimal; however, a recession could be imminent if Powell and his team do not take action.
This statement represents Trump's latest appeal to Powell for a reduction in interest rates.

He pointed out that the European Union has already implemented seven rate cuts, while the Federal Reserve has yet to respond similarly.

Notably, Trump accused Powell of having lowered rates last year to assist Joe Biden and Kamala Harris in their electoral campaign, despite the outcome not favoring them.
Although Trump continues to press for a rate cut, Powell has indicated no intention of lowering interest rates at this time.

In a recent address, Powell cautioned that Trump's tariffs might contribute to increased inflation in the U.S., which he suggested is a reason the Federal Open Market Committee is hesitant to adjust its monetary policy.
As Powell maintains his stance on interest rates, speculation arises that Trump might consider dismissing the Fed Chair. However, traders believe such an action is unlikely to occur this year.
Market analyst Anthony Pompliano advised Trump against terminating Powell, while Senator Elizabeth Warren warned that such a move could trigger a stock market crash.

There is also concern that a decline in the stock market could adversely affect the cryptocurrency market as well.
Experts Anticipate Rate Reductions Despite Powell's Reluctance
Although Jerome Powell has shown reluctance to respond to Donald Trump's requests for lower interest rates, analysts continue to forecast multiple rate cuts by the Federal Reserve this year.

Citigroup projects that the Fed will implement an interest rate reduction in June, estimating a cumulative decrease of 125 basis points (bps) throughout the year.
Similarly, Bank of America has recently forecasted four interest rate cuts for this year, with the initial reduction expected during the May FOMC meeting, followed by additional cuts in July, September, and December.

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WARNING TO ALL CRYPTO HOLDERS! 🚨

Rates cuts are coming.

Trillions will enter crypto.

Altcoins explode.

We all get rich
$BNB
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