President Trump has narrowed down his list of Fed Chair candidates to “within 3 or 4 people,” he said on Wednesday.
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Trump has long criticized current Fed Chair Jerome Powell, whose term ends in May 2026, for delaying interest rate cuts. Trump has argued that lower rates would result in lower government interest payments on debt. Powell has said that the Fed will continue to maintain a “wait-and-see” approach in order to combat any inflation effects from tariffs.
“I think he’s a very stupid person actually,” said Trump in reference to Powell, adding that he’s also “an average mentally person.”
Trump’s Potential Fed Chair Candidates
Earlier this month, reports circulated that Trump was considering Treasury Secretary Scott Bessent as a candidate, although the White House later called this claim “completely fake news.” Former Fed Governor Kevin Warsh was also floated as a potential candidate.
In addition, Fed Governor Christopher Waller and White House economic advisor Kevin Hassett are also up for consideration, according to the betting prediction website Polymarket.
The federal funds rate currently sits in a range between 4.25% and 4.50%.
