PANews reported on December 11 that, according to Global Markets, US President Trump criticized the Federal Reserve on Wednesday for cutting interest rates too small and said he would meet with former central bank governor Kevin Warsh that day to interview him for the chairmanship. The president stated that he did not ask Powell's successor to make any pronouncements on rate cuts, but said his view was that "our rates should be much lower." "I'm basically very clear about what kind of person I'm looking for. Again, I'm looking for someone who is honest on interest rates," Trump said on Wednesday, adding that he might announce his decision within the next two weeks. Trump's remarks came shortly after the Federal Reserve announced its third consecutive 25-basis-point rate cut. The president called the adjustment "quite small, it should have doubled, at least doubled." He also criticized Powell as "rigid" and "stubborn."
The selection process for the new Federal Reserve chair is nearing completion, with Trump saying on Tuesday that he is considering "several different candidates, but I am very clear about who I want." National Economic Council Director Kevin Hassett is considered the top choice for the position, a result Trump has repeatedly hinted at. However, it is well known that his personnel decisions are often unpredictable, and any speculation is not considered definitive until the official nomination is announced. Other finalists include current Federal Reserve Governors Christopher Waller and Michelle Bowman, as well as Rick Reid of BlackRock. Hassett recommended four of the five candidates to Trump.
