Powell's indecision on interest rate cuts while managing the Federal Reserve has greatly displeased Trump. It is reported that Trump may announce a new candidate as early as September or October, or even earlier in the summer. Candidates include Kevin Warsh, Hassett, Treasury Secretary Mnuchin, former World Bank President Malpass, and current Federal Reserve Governor Waller.

This move has far-reaching implications, akin to throwing a large bomb into the market. Announcing it so far in advance clearly interferes with market expectations, leading to speculation about the policy positions of the new candidates, which in turn causes turbulence in the financial markets.

Trump's move is clearly a political maneuver aimed at intimidating the market and pressuring the Federal Reserve to comply in order to stimulate the economy.