Potential Shakeup at the Federal Reserve: Trump's Candidates for Chairman
In a recent statement, President Trump suggested Treasury Secretary Scott Bessent as a candidate to replace Federal Reserve Chairman Jerome Powell. While praising Bessent, Trump expressed frustration over Powell's rate policies and renovation expenses. Despite tensions, central bank officials are cautious about rate changes amid economic fluctuations.
President Donald Trump hinted at a possible shakeup at the Federal Reserve, naming Treasury Secretary Scott Bessent as a potential replacement for Chairman Jerome Powell. Despite Bessent being a viable candidate, Trump stopped short of committing to the change, citing his satisfaction with Bessent's current role.
Trump has been highly critical of Powell, who he originally appointed, for not lowering interest rates. The President also took aim at the Federal Reserve's $2.5 billion renovation of its Washington headquarters, labeling the cost overruns a firing offense. However, he cannot dismiss Powell over monetary policy disagreements.
Amidst ongoing trade negotiations and economic uncertainties, U.S. central bank officials are wary of adjusting interest rates until the tariff policies' impact is fully understood. Trump's economic team maintains optimism about the economy, projecting that a new tax bill will spur private investment and boost growth.
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