Trump Considers Naming Next Fed Chair Early in Bid to Undermine Powell

President Trump's exasperation over the Federal Reserve's take-it-slow approach to cutting interest rates is prompting him to consider accelerating when he will announce his pick to succeed Chair Jerome Powell, whose term runs for another 11 months.

- DBrian Schwartz & Nick Timiraos

In recent weeks, the president has toyed with the idea of selecting and announcing Powell's replacement by September or October, according to people familiar with the matter.

One of these people said the president's ire toward Powell could prompt an even-earlier announcement sometime this summer.

Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett, according to people familiar with the matter.

Treasury Secretary Scott Bessent is being pitched to Trump by allies of both men as a potential candidate, some of these people said.

America's economic resurgence," White House spokesman Kush Desai said.

Powell has said politics don't enter into the Fed's deliberations.

After several years of high inflation gave businesses more experience passing along cost increases, many central bank officials want to make sure cost increases from tariffs won't rekindle inflation.

"If we make a mistake here, people will pay...the cost for a long time," Powell told a Senate committee on Wednesday.

Rate cuts this year are possible, but "we're going to take a careful approach."

Bessent has previously said the administration wouldn't begin to interview candidates for the job until September.

The president on Wednesday hinted that he is ready to move more quickly.

"I know within three or four people who all I'm going to pick," Trump said during a press conference at the NATO summit.

"He goes out pretty soon, fortunately, because I think he's terrible."

Other contenders include former World Bank President David Malpass and Fed governor Christopher Waller.

Because the new chair wouldn't take office until next May, announcing the pick this summer or fall would be far earlier than the traditional three-to-four-month transition period.