US President Donald Trump said he was evaluating a shortlist of candidates to lead the Federal Reserve, criticizing current chairman Jerome Powell as incompetent. Powell's term is set to end next May.
Trump, who is on an official trip to Asia, said during a dinner in Tokyo that the Fed needed new leadership, saying Powell had failed to manage monetary policy well. The president added that he had considered Treasury Secretary Scott Bessent for the position, but Bessent declined.
Bessent said five finalists were being considered, including White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, Fed Governor Christopher Waller, Fed Vice Chair Michelle Bowman, and BlackRock executive Rick Rieder.
Bessent is expected to submit a shortlist of candidates to Trump in December. Trump's remarks came ahead of this week's Fed meeting, where policymakers are expected to cut short-term interest rates for the second time this year.
Trump's open criticism of Powell renewed concerns about political interference in monetary policy, as the Fed seeks to stabilize the economy amid global uncertainty and a slowing labor market.
