President Donald Trump has announced that he has narrowed his list of candidates for the Chair of the Federal Reserve to three or four names.
Candidates for Fed Chair
According to the Financial Times, Trump did not name individuals but mentioned Kevin Hassett, Kevin Warsh, and Christopher Waller as possible candidates, all described positively by Trump. Additionally, the U.S. Treasury confirmed that 11 candidates will go through formal interviews led by Secretary of Treasury Scott Bessent.
Trump's Criticism of Powell
Trump reiterated his criticism of current Fed Chair Jerome Powell, labeling him a 'moron' and 'numbskull' for not cutting interest rates. He expressed a desire to bring rates down to 1%, with current rates ranging from 4.25% to 4.5%.
Fed's Rate Discussions
In addition to the primary candidates, other names like David Zervos, Larry Lindsey, and Rick Rieder are being discussed. The issue of significant rate cuts at the upcoming Fed meeting in September is gaining urgency, especially in light of consumer price data and labor market conditions.
The situation surrounding the appointment of a new Fed chair and interest rate discussions has generated considerable interest and debate among political and economic circles.
