President Trump told reporters he is actively considering replacing Fed Chairman Jerome Powell, and he has dropped to three to four candidates.
“I know the three or four people I'm going to choose,” he said Wednesday.
Trump’s pressure after Powell’s successor’s considerations have intensified the tax cuts as the monetary policy stance of the chairman’s guardian continues to inspire tensions in the White House.
Trump’s comments on Wednesday did not address whether he was seeking to fire Powell or quickly announce his final draft pick, partly because of Powell’s decline in power over the rest of his term.
But this was raised last week by the president: “Maybe, maybe, I have to change my mind and fire him?”
Powell said he intends to serve as president, which ends in May 2026.
“He was out soon because I think he was terrible,” Trump added Wednesday.
The president's comments at the Netherlands press conference were on a regular testimony before Congress the day after Powell's Senate members, about 3,800 miles away from Washington.
Powell told Senate lawmakers that the central bank “has good waiting” for any interest rate adjustments until it becomes clearer how Trump's tariffs will affect inflation and the direction of the U.S. economy. He sent the same message to House members on Tuesday.
The president's attack on Powell was intensified last weekend, with Trump demanding interest rates dropping from 4.25% to 4.5% to between 1% and 2%, saying Powell and the Fed's board: “I don't know why the board does not exceed that sum and is totally stupid!”
Trump repeated some of these views in a social media post Tuesday, calling for “at least two to three points lower” and said Powell will be in Congress today to explain why he refused to lower interest rates. ”
“I hope Congress can really work on this stupid, hard-headed guy.
Trump reiterated the case he often said on Wednesday, saying why Powell should immediately lower it by one percentage point on the grounds of “no inflation.”
He also recounts an earlier face-to-face meeting with Powell, providing a sneering voice for Powell and repeating his personal attack by saying “I think he is actually a very stupid person” and “a normal spiritual person.”
