Trump intends to displace Jerome Powell as the Federal Reserve Chairman.
Trump Eyeing Warsh to Boot Out Powell as Fed Chair
In a shocking turn of events, President Donald Trump has set his sights on replacing Federal Reserve Chairman Jerome Powell with Kevin Warsh. Trump is reported to make an announcement about the new Fed chairman "very soon."
Onboard Air Force One, Trump told reporters that Warsh is his preferred choice, criticizing Powell for not acting swiftly enough on interest rate cuts. Trump's argument? "We're losing wealth as a country." He believes that interest rates should be significantly lower. Trump took to Truth Social, stating that borrowing costs were too high, and Powell had been slow to act on the issue.
This is the first face-to-face meeting between Trump and Powell since Powell's appointment. Trump has no qualms about expressing his disapproval, labeling Powell's failure to lower interest rates as a "mistake." He believes it's time for someone in the Fed who shares his economic vision.
A Bad Month for Powell
Trump's comments come during a month where job numbers reported in May were strong, with 139,000 new jobs created, surpassing the Dow Jones' estimate of 125,000. Yet, Trump held firm, stating, "Go for a full point cut, it'll create rocket fuel!"
Powell's reluctance to lower interest rates has been criticized not just by Trump but also by other economists. Trump points out that while other countries have been cutting interest rates, the Fed has not. The European Central Bank, for instance, has made eight rate cuts in the past year.
Warsh: The Prodigal Son?
Kevin Warsh, a potential replacement, has served on the Fed's board from 2006 to 2011. His name has been floated as a strong contender for the position, especially after Trump's recent comments about the next Fed chair. Warsh, who has been active in economic circles for some time, is gaining attention for his more aligned economic views with Trump.
Change on the Horizon?
There's no clear date yet for the job change, but Trump's statements suggest an announcement to the public is imminent. If Powell continues to miss Trump's expectations, Warsh taking the Fed seat wouldn't be surprising.
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[4] Source: CNN, June 6, 2025
The imminent change in leadership at the Federal Reserve might be a policy-and-legislation shift, as President Donald Trump is reported to announce the new chair, Kevin Warsh, soon. This development comes amidst Trump's criticism of current chair Jerome Powell's reluctance to lower interest rates, citing Warsh as his preferred choice and labeling Powell's approach a mistake.
Warsh, a former Fed board member from 2006 to 2011, has gained attention for his more aligned economic views with Trump and is considered a strong contender for the position. If Powell fails to meet Trump's expectations, it could lead to a significant change in block chain and general-news economic policies.
