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Home»Economic News»Donald Trump says he will only pick Fed chair who cuts interest rates
Economic News

Donald Trump says he will only pick Fed chair who cuts interest rates

June 27, 2025No Comments2 Mins Read
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President Donald Trump has made it clear that he will only consider a new Federal Reserve chair who is willing to lower US interest rates, urging the central bank to decrease borrowing costs to 1 percent.

In his latest criticism of current chair Jay Powell, Trump referred to him as a “stubborn mule” and expressed his willingness for Powell to resign if he so desires. Powell, however, has stated his intention to serve until May 2026.

Trump emphasized his belief that the next Fed chair will lower rates, stating, “If I believe someone will maintain current rates, I will not nominate them.” He has been vocal in his disapproval of the Fed’s decision to keep rates steady at 4.25-4.5 percent this year, halting a series of rate cuts that began in 2024.

Expressing his preference for a 1 percent interest rate, Trump instructed his administration to limit debt issuance until a new Fed chair is appointed. Despite this directive, the Treasury is scheduled to issue long-term bonds in the coming weeks.

While Trump has mentioned having a shortlist of potential candidates to lead the Fed, the White House clarified that no decision is imminent.

Speculation has arisen that Trump may select a “shadow Fed chair” who aligns with his views on swift rate reductions. Various candidates, including Fed governor Christopher Waller and former Fed governor Kevin Warsh, have expressed differing opinions on rate cuts and inflation control.

However, experts caution that attempting to influence the Fed’s decision-making process could lead to strained relations within the committee and diminish the new chair’s effectiveness.

Despite the president’s rhetoric, the Fed’s structure, with a central board and regional banks, is designed to insulate rate-setters from political pressure, ensuring independent decision-making.

Additional reporting by Kate Duguid in New York

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