WSJ: Trump Considers Announcing Replacement for Fed Chair Sooner to Undermine Powell
WASHINGTON – The battle between President Donald Trump and Federal Reserve Chairman Jerome Powell has entered a more serious phase. According to an exclusive report from The Wall Street Journal on Thursday, the White House is considering announcing the name of a successor to Powell as soon as this summer, an unprecedented move to pressure the central bank's leadership.
The report states that this move is specifically designed "to undermine" Powell's authority during the remainder of his term, which will not end until early 2026. Trump's frustration reached a peak after Powell in his testimony before Congress this week again refused to yield to political pressure to cut interest rates. The day before, Trump even personally insulted Powell by calling him "a very stupid guy".
By announcing a successor candidate well in advance, Trump hopes to diminish Powell's influence over monetary policy and make him a "lame duck".
This political maneuver is a dramatic escalation from mere name-calling to concrete actions that challenge the independence of the Fed. This move risks creating significant uncertainty in financial markets and will spark intense debate over the boundary between political policy and the autonomy of the U.S. central bank.#JeromePowell #trumps $BTC
