President Donald Trump announced on Thursday that he would reveal his pick for the Federal Reserve Chair position by Friday morning, a move that comes as the Fed voted to pause rate cuts this week. The news was met with surprise from some quarters, as earlier in the day, Trump had indicated that his pick would be made next week.
Trump made the comment during a screening of First Lady Melania Trump's self-titled documentary, "Melania." The announcement has been seen as a response to criticism of Powell's leadership and disagreement with the majority of the Fed's decisions. As Powell's term is set to end in May, some have speculated that he may choose to stay on the board as governor, which has not happened since the 1940s.
The Federal Reserve voted Wednesday to maintain interest rates between 3.5% and 3.75%, with two Fed officials arguing for a quarter-point reduction. Trump expressed his dissatisfaction with Powell's leadership, calling him a "moron" after the vote and claiming that he had "absolutely no reason to keep them so high." The comment has been seen as a significant departure from the typical diplomatic language used by the president.
As speculation surrounding Powell's future continues to build, several names have emerged as potential contenders for the top spot. These include former Fed Governor Kevin Warsh, Federal Reserve member Christopher Waller, National Economic Council chief Kevin Hassett, and BlackRock executive Rick Rieder. However, it is unclear whether Powell will choose to stay on the Fed board following his term as chair.
The news has been met with interest from investors, who have been watching developments closely in the wake of the rate cut pause. With Trump's pick set to be announced by Friday, market expectations are shifting as traders wait to see how the Fed's leadership is reshuffled.
Trump made the comment during a screening of First Lady Melania Trump's self-titled documentary, "Melania." The announcement has been seen as a response to criticism of Powell's leadership and disagreement with the majority of the Fed's decisions. As Powell's term is set to end in May, some have speculated that he may choose to stay on the board as governor, which has not happened since the 1940s.
The Federal Reserve voted Wednesday to maintain interest rates between 3.5% and 3.75%, with two Fed officials arguing for a quarter-point reduction. Trump expressed his dissatisfaction with Powell's leadership, calling him a "moron" after the vote and claiming that he had "absolutely no reason to keep them so high." The comment has been seen as a significant departure from the typical diplomatic language used by the president.
As speculation surrounding Powell's future continues to build, several names have emerged as potential contenders for the top spot. These include former Fed Governor Kevin Warsh, Federal Reserve member Christopher Waller, National Economic Council chief Kevin Hassett, and BlackRock executive Rick Rieder. However, it is unclear whether Powell will choose to stay on the Fed board following his term as chair.
The news has been met with interest from investors, who have been watching developments closely in the wake of the rate cut pause. With Trump's pick set to be announced by Friday, market expectations are shifting as traders wait to see how the Fed's leadership is reshuffled.
, doesnt he know that kinda talk can have consequences? 
and now that the doco was playing in the background, it's even more weird... didn't trump just do a whole thing about his 'presidential brand' or whatever? anyway, this fed chair pick is looking like it could shake things up big time 
i mean, kevin warsh is an old hand and all, but rick ridder from blackrock could bring some much-needed expertise to the table... and what about hassett? did trump even consider him for the job back in january when he announced his intention to choose a new chair? also, are we really expecting some kind of fed 'reshuffle' now that powell's term is almost up?
i was thinking it was gonna take a sec for trump to make his move but now he's just dropping hints like crazy 
. anyway, some interesting names are coming up in the mix - warsh is always an option (he was on the board before) but waller just got promoted to governor so that might make him less likely? and hassett is still a wild card - what does he want from this gig? 
. I get why he'd wanna shake things up, but calling Powell a "moron" is super uncool, even if you disagree with him 
. I mean, can't we just have a respectful disagreement without getting personal? 
!! Trump dropping Powell's bombshell like this?! That was soooo unexpected! 
The doco screening for Melania's film wasn't even the main event, lol. Anywayz, can't wait to see who he picks as Powell's replacement! Maybe someone from BlackRock like Rick Rieder? 
Wouldn't that be, like, super interesting? 
The doco screening was just an excuse to blurt out some crazy news. What's really going on here is that Trump is trying to send a message, but it sounds like a bunch of malarkey to me! 
I mean, wouldn't it be better if he just stuck to the plan and said something normal for once? 
But let's be real, what does this even say about his approach to governing? Is he trying to micromanage everything, or is he just trying to distract us from the upcoming elections? 
. It's just so unprofessional and ridiculous. I mean, come on, it's not like they're enemies or something (yet). Anyway, now we know the Fed chair pick will be out by Friday morning 
. This is going to be interesting... I hope it's someone with some actual economic sense 
rather than just a Trump sycophant 
i mean come on, powell has been getting roasted for months now & trumps gotta go full-on troll mode by revealing his pick so early... but at the same time, i feel like hes trying to make a statement by not waiting til next week like hes trying 2 show ppl he means businness 
. Either way, it's definitely got everyone in the financial world talking 
. The names that are coming up as potential contenders for the Fed Chair spot are interesting - Kevin Warsh and Rick Rieder have been mentioned a lot, but I'm curious to see if Trump will choose someone else 
. But at the same time, whoever gets picked will have a tough job navigating these interest rate changes... let's hope they can get it sorted out 
. It feels like he's trying to exert some control over the Fed's decisions before the changeover 
. On the other hand, it's interesting that Trump is pushing back against Powell's leadership, saying he's a "moron" 
maybe someone will surprise us?
anyway, now we gotta watch who he picks... kevin warsh and christopher waller are already in the running 