Overview

• Trump identified Kevin Hassett, Scott Bessent, Kevin Warsh and Christopher Waller as candidates to succeed Jerome Powell.
• Scott Bessent, who is serving as Treasury Secretary, said he does not want the position.
• Trump has pushed for rapid interest-rate cuts and criticized Powell for acting "too late," citing higher mortgage costs for homebuyers.
• The Federal Reserve has kept its policy rate at 4.25% to 4.50% during Trump's term, pointing to uncertainty from the administration's tariff policy.
• The choice of Powell's successor is described as significant for financial markets and the future of the Fed's independence and policy direction.