- Secretary Bessent confirms formal process to replace Fed Chair Jerome Powell has begun.
- “It’s President Trump’s decision and it will move at his speed,” Bessent says.
- New Fed leadership could reshape interest rates, inflation strategy, and U.S. economic policy.
The Trump administration has officially begun the process of finding a replacement for Federal Reserve Chair Jerome Powell, signaling a major shift in economic leadership.
Secretary Bessent confirmed Monday that the search is underway, saying, “There’s a formal process that’s already started. There are a lot of great candidates and we’ll see how rapidly it progresses.”
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Powell, whose term has been marked by sharp interest rate hikes and controversial monetary policies, has faced criticism from conservatives for failing to move quickly enough to stabilize markets and protect American consumers. Trump has long signaled his dissatisfaction, and this latest development makes it clear a change is coming.
Bessent made it clear that the ultimate decision rests with President Trump, noting, “It’s President Trump’s decision and it will move at his speed.” This means the timeline remains flexible, but the message is clear: Trump wants a Federal Reserve that aligns with his economic vision, focused on growth, strong employment, and an America First strategy for monetary policy.
Speculation is already building over who might take the reins at the Fed, with names of prominent economists and financial leaders circulating. Supporters argue that new leadership is essential for restoring confidence in the economy and ensuring stability for American families and businesses.
As the process moves forward, markets and policymakers alike are watching closely. A new Fed chair could mark a significant turning point for interest rates, inflation strategy, and the future of U.S. economic policy under Trump.