Overview
- President Trump identified Kevin Hassett, Christopher Waller and Kevin Warsh as finalists to replace Jerome Powell when the chair’s term ends in 2026.
- On Face the Nation, Hassett said Federal Reserve monetary policy must be fully independent of political influence, including from Trump, and he backed Treasury Secretary Scott Bessent’s call for a review of the institution without committing to specific changes.
- Citadel CEO Ken Griffin and economist Anil Kashyap warned in a Wall Street Journal op-ed that efforts to pressure or reshape the Fed risk raising inflation expectations, lifting long-term borrowing costs and eroding U.S. institutional credibility.
- A CBS News/YouGov poll found 68% of Americans want the Fed to make decisions independently from Trump, with a partisan split showing most Republicans favor guidance from the president.
- Legal and personnel battles continue as Governor Lisa Cook sues to block her removal and nominee Stephen Miran faces scrutiny after saying he would take unpaid leave from his White House role rather than resign if confirmed to the Fed board.