Trump May Announce Fed Successor This Summer

President Donald Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, calling him 'terrible' and pushing for a significant interest rate cut. Trump is considering three or four candidates as potential successors to Powell, whose term expires in May 2026, and is signaling he may announce his choice as early as this summer. The reported contenders are former Fed Governor Kevin Warsh, National Economic Council director Kevin Hassett, Treasury Secretary Scott Bessent, and current Fed Governor Christopher Waller. Trump has alternated between threatening to fire Powell and suggesting he might allow him to finish his term, raising concerns about the central bank's independence. Meanwhile, Powell has defended the Fed's cautious stance on rate cuts amid inflation and tariff uncertainty and is also facing criticism from Republican lawmakers. The dispute underscores the mounting political stakes over U.S. monetary policy ahead of the 2026 transition.