Trump: Will announce the nominee for Federal Reserve Chair on Friday

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According to a report from the Wall Street Journal, U.S. President Trump stated on Thursday night that he will announce the nominee for Federal Reserve Chair on Friday morning (tonight Beijing time). This appointment will determine the policy direction of the world’s most important central bank for the next four years. The current chairman, Powell, will see his term end in May of this year.

Trump told reporters that the nominee is "highly respected and well known in the financial world," and called it "a very good choice." He added that the candidate "won’t be too much of a surprise" and comes from the list of candidates.

Treasury Secretary Besant has been leading the selection process and has submitted four finalists to Trump: former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, BlackRock executive Rick Rieder, and White House National Economic Council Director Kevin Hassett.

This appointment will end years of tense relations between Trump and Powell. Trump himself nominated Powell for Fed Chair in his first term, but later repeatedly criticized the Fed for not cutting rates quickly enough. The Fed kept its benchmark interest rate unchanged this week, pausing after cutting rates three times last year.

Former Fed Governor Kevin is the favorite in prediction markets

According to the latest from prediction market Polymarket, the probability of former Fed Governor Kevin Warsh being nominated by Trump as the next Fed Chair has surged to 79%.

In addition, a previous article on Wall Street mentioned that after interviewing Rieder earlier this month, Trump said he was "very impressive." Like Trump, Rieder has clearly stated that interest rates should be lower. His focus on the real impact of monetary policy, especially in areas like the housing market, dovetails with the Trump administration’s emphasis on affordability. This makes him a candidate in Trump’s eyes who supports lower rates but is not widely seen as a threat to the Fed’s independence.

Trump’s long-standing differences with the Federal Reserve

Trump has been persistently critical of the Powell-led Federal Reserve for years. Although Powell was his appointee in his first term, Trump quickly became dissatisfied and frequently criticized the Fed for not cutting rates more quickly. President Biden later reappointed Powell, whose second four-year term ends this May.

Trump stated Thursday, "No matter what the Fed does, rates are still going down," showing his ongoing focus on the direction of monetary policy. The new Fed Chair will directly influence the path of future interest rate policies, as well as the Fed’s balancing act between curbing inflation and supporting economic growth.

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