Trump says he has made decision on Fed chair pick to succeed Powell

12:12 PM (Mecca time) Argaam
US President Donald Trump

US President Donald Trump

US President Donald Trump said he has made a decision on his nominee to lead the Federal Reserve, replacing current Chairman Jerome Powell, whom he has repeatedly criticized for not cutting interest rates quickly enough.

 

Trump told reporters aboard Air Force One on Sunday: “I know who I am going to pick, yeah. We'll be announcing it,” according to Bloomberg, adding that he expects his nominee to implement interest rate cuts.

 

Bloomberg cited sources familiar with the matter saying that Kevin Hassett, director of the White House National Economic Council and the president’s top economic adviser, is the likely choice to succeed Powell.

 

Last week, US Treasury Secretary Scott Bessent, who oversaw the selection process, said Trump could announce his Federal Reserve pick before Christmas on Dec. 25.

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