"Trump's criticisms of the Fed have garnered support from other allies, including Federal Housing Finance Agency Director Bill Pulte, who has called for Powell's resignation. Powell, meanwhile, has maintained a cautious approach throughout 2025, citing uncertainty over tariffs imposed by the administration. The Fed delivered cuts of 25 basis points to its benchmark interest rate in September and in October. Economists anticipate another cut at the Federal Open Market Committee meeting in December."
"Hassett, a close Trump ally, is seen as likely to bring the president's interest rate agenda to the Fed, according to sources familiar with the matter who spoke with Bloomberg on the condition of anonymity. Before being appointed to the National Economic Council this year, Hassett served as senior adviser and chairman of the Council of Economic Advisers from 2017 to 2019."
"Trump doesn't trust any Fed members now and doesn't want to risk it with (Christopher) Waller or (Michelle) Bowman. The nominee is expected to fill a 14-year term as governor beginning Feb. 1, which is currently held by Stephen Miran following the resignation of Adriana Kugler in August. Kugler's term was set to expire at the end of January 2026."
Trump's criticisms of the Federal Reserve have attracted backing from allies, including FHFA Director Bill Pulte who called for Powell's resignation. Powell adopted a cautious stance through 2025, citing tariff uncertainty. The Fed cut its benchmark interest rate by 25 basis points in both September and October, and economists expect another cut at the December FOMC meeting. Kevin Hassett, a longtime Trump ally with experience as CEA chair and NEC member, is viewed as a likely nominee to carry the president's interest-rate agenda to the Fed despite lacking central bank experience. A nominee is expected to fill a 14-year governor term starting Feb. 1.
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