President Donald Trump addresses Fed rate cuts and inflation in a roundtable with business leaders.
Federal Reserve Chairman Jerome Powell refused to weigh in on who could replace him as President Donald Trump meets with prospective contenders to run the world’s most powerful central bank.
When asked by FOX Business whether Trump’s public search for a new Fed chair affects his ability to do the job, Powell responded flatly, “No.”
Powell also declined to say whether he would stay on the Federal Reserve Board of Governors.
POWELL REFUSES TO WEIGH IN ON SUPREME COURT CASE THREATENING TRUMP’S TARIFF POLICIES
Federal Reserve Chair Jerome Powell was appointed to the role by Trump in 2017. (Amanda Andrade-Rhoades/Reuters)
“I’m focused on my remaining time as chair. I haven’t got anything new on that to tell you,” Powell said during a news conference after the central bank’s December interest rate decision.
Powell, who was appointed by Trump in 2017, is slated to complete his term in May 2026.
Trump, who has criticized Powell for holding rates too high and blamed him for a range of economic troubles, has been weighing potential replacements.
Likely frontrunners include Trump’s top economic adviser, Kevin Hassett; current Federal Reserve Board Governor Christopher Waller; and former Fed board Governor Kevin Warsh.
Director of the National Economic Council Kevin Hassett is widely considered a frontrunner for the Fed chair job. (Kevin Dietsch/Getty Images)
At the White House, Trump called Powell “stiff” and said he has a “very good idea” of what he is looking for in the next Fed chair.
“I’m looking for somebody that will be honest with interest rates,” Trump said. “Our rates should be the lowest rates in the world.”
FROM MORTGAGES TO CAR LOANS: HOW AFFORDABILITY RISES AND FALLS WITH THE FED
Secretary of the Treasury Scott Bessent has been interviewing Federal Reserve chair candidates since Labor Day. (Anna Moneymaker/Getty Images)
At the end of November, Treasury Secretary Scott Bessent said he had finished interviewing candidates for the role and had submitted five names to Trump.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Bessent, who has been interviewing candidates since Labor Day, said he wants “forward-looking, not backward-looking” regulators at the Fed’s helm.
