Trump Says Fed Chair Pick Coming in January, Threatens Lawsuit Against Powell

Overview

• Speaking in Florida, the president said he will reveal his nominee to replace Jerome Powell "in some moment of January" and reiterated that he has a preferred candidate.
• Reporting identifies finalists including Kevin Hassett, Kevin Warsh, Christopher Waller, Michelle Bowman and Rick Rieder.
• Trump said Powell "should resign" and added that he would "love" to fire him and "maybe still will."
• He said he is weighing a "gross incompetence" lawsuit over a Federal Reserve headquarters renovation he criticized as costing about $4.1 billion.
• Powell’s chair term runs through May 2026 and his Board term to 2028, and the White House says it wants a successor who would cut rates more aggressively to lower mortgage costs.