Trump: "Fed Chair Nomination to Be Announced Soon… The Right Person Is Someone Who Will Cut Rates"

Doohyun Hwang

Summary

President Trump said he will soon announce the next Fed Chair.
President Trump emphasized that the right person as chair is someone who can implement a rate cut.
It was reported that President Trump once again strongly asserted the need for a base rate cut.

U.S. President Donald Trump stated that he will soon announce the next Chair of the Fed. He emphasized, "A good Fed chair is someone who can lower interest rates."

According to Reuters on the 6th (local time), President Trump told reporters aboard Air Force One, "The announcement for the next Fed chair will come soon. The timing is getting very close." When asked about the possibility of nominating Kevin Warsh, the former Fed board member who is considered a leading candidate for the next Fed chair, he responded, "He is someone who is highly regarded."

Meanwhile, President Trump urged that the Fed should cut the base rate by 1%p on this day, criticizing, "Fed Chair Jerome Powell is being overly passive and slow to move on rate cuts." It was recently reported that President Trump had a face-to-face meeting with Chair Powell. At the meeting, he reportedly told Powell, "You are making a mistake," strongly asserting the need for a rate cut.