Trump: 4 Candidates Running for Fed Chair

Bessent’s name had been floated for weeks as a possible successor to Powell, with the Treasury secretary refraining from publicly ruling himself out.

Trump has long fumed at Powell for his reluctance to slash interest rates, bashing him as “too late” and “highly political.”

Still, the president has denied that he will attempt to dismiss Powell before his term ends. Critics and legal experts have cast doubt on whether the president even has the authority to fire the Fed chair, who has reportedly insisted he will not resign despite the criticism.

Warsh, who served on the Fed’s Board of Governors from 2006 to 2011, was passed over by Trump in favor of Powell during his first term.

The president views Powell’s insistence on keeping interest rates elevated as undermining efforts to refinance the roughly $9 trillion in US debt.

However, some economists have defended Powell, noting that the annual inflation rate remains above the Fed’s 2% goal.

During its meeting last week, the Fed’s Federal Open Market Committee, which makes interest rate decisions, opted to leave its benchmark rate between 4.25% and 4.5%.

Trump is also dealing with the fallout from an underwhelming employment report, which found only 73,000 jobs were added in the month of July and revised the figures for May and June down by a whopping 258,000 jobs.