U.S. President Donald Trump has stated he has made a decision regarding his nominee for the next chair of the Federal Reserve. Speaking to reporters on Air Force One, Trump indicated that an announcement would be forthcoming. He has previously criticised the current Fed chief, Jerome Powell, for not implementing interest rate cuts quickly enough and has suggested he desires a chair who will more aggressively pursue such cuts.
The Federal Reserve is the central banking system of the United States. It is responsible for setting monetary policy, regulating banks, and maintaining the stability of the financial system.
Speculation has arisen regarding the potential replacement for Powell. Bloomberg News reported last week that Kevin Hassett, the White House National Economic Council Director and Trump’s chief economic advisor, is considered a likely candidate. Trump has made it clear that he expects his nominee to prioritize interest-rate reductions, signalling a potential shift in the Federal Reserve’s approach to monetary policy.
