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Fed Search Continues With Private Sector Candidates
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August 13, 2025
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August 13, 2025
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8:11Now PlayingCongressman Troy Downing, Republican representing Montana's 2nd District joins to discuss the path forward for the Fed and his thoughts of the upcoming meeting between Trump and Putin.
President Donald Trump said he may name the next Federal Reserve chair “a little bit early” and added that he was down to three or four potential candidates as he looks for a successor to Jerome Powell.
“I’ll be naming a new chairman sometime within the next — I think I’ll name it a little bit early, the new chairman. I’m down to three or four names,” Trump said Wednesday during an event at the Kennedy Center in Washington, describing the contenders as “all good, all great.”
Trump has hammered Powell over the central bank’s decision to hold interest rates steady, repeatedly calling in the past for him to resign and publicly mulling whether he should fire the chair outright before saying he would wait for his term to end in May. Naming his successor while Powell is still finishing his term raises the prospect of a “shadow Fed” emerging and risks creating whiplash for investors tracking the positions of both the current and future chairs.
While Trump has maintained that his list for the position includes is relatively short, Treasury Secretary Scott Bessent on Wednesday told Bloomberg Television the administration plans to consider as many as 11 candidates.
he president has ramped up his pressure on Powell in recent weeks, including threatening a lawsuit on Tuesday over the chair’s handling of a renovation of the central bank’s headquarters that has drawn scrutiny for cost overruns.
Trump said Wednesday that he believed rates “should be three or four points lower.”
“That’s over a trillion dollars we pay every year in interest, and it’s really just a paper calculation,” he added.
Powell has defended the bank’s rate-setting policies, citing uncertainty over the impact the president’s sweeping tariff agenda will have on inflation, but Trump has said higher borrowing costs are hurting American businesses, consumers and homebuyers.
“People aren’t able to get mortgages. They’re paying too much because of Jerome ‘Too Late’ Powell,” he said. “He’s truly incompetent.”
Data released earlier Tuesday showed underlying inflation picked up in July, though prices of goods rose at a more muted pace, tempering concerns about tariff-driven price pressures and raising expectations for a Fed rate cut in September.
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