Tensions over interest rates continue between US President Donald Trump and FED Chairman Jerome Powell.
While Powell prefers to act cautiously regarding interest rate cuts due to tariffs, Trump argues that inflation is in good shape and advocates for starting interest rate cuts.
At this point, Trump, who has frequently called for Powell to resign, noted that Powell has already begun working for the new FED chairman who will come when his term ends in 2026.
US Treasury Secretary Scott Bessent had recently announced that Trump had begun discussions with potential candidates for the new Fed chairman.
While everyone eagerly awaits to see who the new FED Chairman will be, Trump said an announcement could come soon.
Speaking to CNBC, Donald Trump expressed his negative view on Powell's renomination, stating the following:
The next president of the FED will be one of four people, and I plan to make an announcement soon.
Chairman Powell is a very political figure.
At this point, Trump mentioned that many strong candidates, including Christopher Waller and Kevin Hassett, are being considered for the FED Chair.
Trump stated that he liked Treasury Secretary Scott Bessent, but Bessent indicated that he wanted to stay at the Treasury Department and said, 'I asked him if he wanted to be the FED chairman. He replied no, I want to work with you. I want to stay by your side,' and he accepted the position. He wants to continue his current role.
