US President Donald Trump said on Tuesday that he believes he has identified his preferred candidate to become the next chair of the Federal Reserve, while also claiming that others are preventing him from removing the current chief, Jerome Powell.
“I think I already know my choice,” Trump told reporters in the Oval Office, declining to name the individual. “I’d love to get the guy currently in there out right now, but people are holding me back.”
Trump again indicated that Treasury Secretary Scott Bessent is his favoured option to lead the Federal Reserve, though Bessent has repeatedly rejected the idea.
“I think I already know my choice,” Trump reiterated. “Well, I liked him. But he’s not going to take the job. He refused. You like Treasury better, right?”
The president noted that he would like to replace current Fed Chair Jerome Powell, whose term ends in May. Donald Trump has long been frustrated that Powell has not cut interest rates as sharply as he wants. Despite inflation remaining above the Federal Reserve’s 2% target, Trump insists that inflation has already been defeated.
Trump said he has “some very good people” under consideration to succeed Powell and hinted that “some surprising names” are in the mix, although he may ultimately “go the standard way.”
Bessent, for his part, said Trump will be “sitting down with them in the near future.”
*With Agency Inputs
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