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

Warsh, Hassett and Bessent are among those under consideration as Donald Trump evaluates their commitment to cutting rates

- DBrian Schwartz & Nick Timiraos

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.

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.

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.

An early announcement could allow the chair-in-waiting to influence investor expectations about the likely path for rates, like a backseat driver, attempting to steer monetary policy before Powell's term ends.

When asked if Trump was entertaining an earlier Fed chair announcement, the White House said the Fed should pursue a growth-oriented monetary policy.

"The Administration is now laying the groundwork—including with The One, Big, Beautiful Bill—to turbocharge economic, job, and investment growth, and it's high time for monetary policy to complement this agenda and support America's economic resurgence," White House spokesman Kush Desai said.

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