Overview

• The president accused Fed Chair Jerome Powell of keeping interest rates “artificially high” at 4.25–4.50% and said they should be cut to 1% or 2%.
• He declared he will only nominate a successor committed to immediate and substantial interest-rate reductions.
• Treasury Secretary Scott Bessent said a replacement could be announced as soon as October and affirmed he would follow the president’s wishes.
• A shortlist of three to four contenders is under review, including Bessent, former governor Kevin Warsh, NEC Director Kevin Hassett, Governor Christopher Waller and Vice Chair Michelle Bowman.
• A Supreme Court ruling and longstanding Fed independence bar Powell’s removal without cause until May 2026, even as earlier threats unsettled global bond markets.