President Donald Trump’s frustration with the Federal Reserve Board’s decision to maintain the status quo with its benchmark interest rate is leading him to accelerate the timeline for announcing a replacement for Jerome Powell, whose term as the board’s chair ends in May.
Trump in recent weeks has toyed with the idea of selecting and announcing Powell’s replacement by September or October, The Wall Street Journal reported Wednesday, citing people familiar with the matter. One of those people said the president’s frustration with Powell could prompt an earlier announcement sometime this summer.
Trump has repeatedly urged Powell to cut interest rates. Ahead of Powell’s testimony this week in front of House and Senate committees, he reportedly said he hopes lawmakers work “this very dumb, hardheaded person over” and insisted the U.S. would save billions of dollars if the interest rate were 2 to 3 points lower that its current 4.25% to 4.5% rate.
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