【By Guan察者网, Liu Bai】The term of current Federal Reserve Chair Jerome Powell will end in May next year, and Trump has already begun to look for his successor.

On November 25 local time, US Treasury Secretary Janet Yellen revealed that Trump may nominate the new Fed chairman before the Christmas holiday, and everything is proceeding smoothly so far.

It is generally believed that the candidate list includes: Fed Governor Waller, Bowman, former Fed Governor Wash, National Economic Council Director Hasset, and Blended executive Riddle. Sources said that Hasset is the most promising candidate.

Yellen is currently responsible for selecting Powell's successor. In an interview with the American Consumer News and Business Channel (CNBC), she stated that there is still a key candidate interview yet to be completed, so she is not planning to guess who will get the position for now.

"I think the president is very likely to announce this decision before Christmas," he said. "But it's his prerogative - whether it's before the Christmas holiday or next year. However, things are going very smoothly at the moment."

Hasset is considered a strong contender for the Federal Reserve Chair position

Trump has consistently criticized the high interest rates of the Federal Reserve.

The Federal Reserve began its first rate cut in nine months last September under Powell's leadership, and again cut by 25 basis points in the meeting last month. This brought the Fed's benchmark rate to its lowest level in three years.

This year, Trump also claimed that Powell should be prosecuted over the issue of billions of dollars overspending on the renovation project at the Fed headquarters. At that time, Powell refuted the claim, arguing that Trump had included the costs of another office renovation completed five years ago.

Recently, he upgraded his criticism of Powell in public, stating directly, "I really want to fire him," and called him "extremely incompetent."

Trump urged Yellen to pressure the Fed to cut rates and quickly find a replacement for Powell, even jokingly saying, "If you don't fix it quickly, I'll fire you."

Yellen said, "If you were there, you would know he was joking." She added, "Monetary policy has become very complex, it's not just about cutting rates."

Powell's term will end in May 2026, and before that, he will also face a sudden division within the Federal Open Market Committee (FOMC) on the issue of rate cuts. According to recent statements from New York Fed President John Williams, the market generally expects the FOMC to approve a third consecutive rate cut in December.

At the same time, Yellen continues to interview candidates. The final candidates are believed to include: Fed Governor Waller and Bowman, former Fed Governor Wash, National Economic Council Director Hasset, and Blended executive Riddle.

Bloomberg reported on the 25th, citing informed sources, that Hasset is the most promising candidate.

Hasset is seen as one of Trump's closest economic policy allies within the government. He has long advocated tax cuts and loose monetary policy, and has publicly supported faster and more rate cuts. He has criticized the Fed for letting inflation run out of control after the pandemic, believing that current interest rates are too high and are restricting economic growth.

The White House downplayed speculation about Trump's preferences.

"All discussions about the Fed (chair) nomination are speculation before President Trump officially announces it," said White House spokesperson Kush Dese.

Yellen said she hopes the Fed can move away from the dominant role it has played in the economy and financial markets since the financial crisis, and play a different role.

"I think we need to simplify things," she said. "It's time for the Fed to return to its previous background role, focusing on calming market fluctuations and serving the American people."

This article is exclusive to Guan察者网. Unauthorized reproduction is prohibited.

Original: https://www.toutiao.com/article/7576868288861405738/

Statement: The article represents the personal views of the author. Please express your opinion by clicking on the 【top/down】 button below.