Trump plans to announce his selection for an open seat on the Federal Reserve board and possibly a nominee for chair. He excluded Treasury Secretary Scott Bessent, who wishes to keep his current position. The departure of Fed governor Adriana Kugler has influenced Trump's timing, considering potential candidates like Kevin Hassett and Kevin Warsh. Trump's criticism of Jerome Powell's management of interest rates intersects with ongoing inflation concerns. The nominee will need Senate confirmation and will serve a shortened term before needing reapproval for a full term.
Trump announced he would soon pick someone for an open Federal Reserve board seat and possibly for Fed chair, excluding Treasury Secretary Scott Bessent from consideration.
Trump expressed surprise at Fed governor Adriana Kugler's decision to leave her seat early, which has expedited his selection process for the Fed board.
The potential nominees include Kevin Hassett and Kevin Warsh, with the possibility of promoting whoever he selects to chair when Jerome Powell's term ends in May.
Trump criticized Powell for not lowering interest rates, while acknowledging that inflation still exceeds the Fed's target and remains a crucial factor in decision-making.
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