President Donald Trump threatened to sue Federal Reserve Chairman Jerome Powell over the central bank’s costly renovation project.
Ahead of the New Year’s holiday, President Donald Trump said he will make a decision in January on who he wants to lead the Federal Reserve.
Current Chairman Jerome Powell’s term expires in May 2026, and he has made clear he will fulfill his obligation to run the central bank.
This week, Trump continued his verbal attack on Powell, who he again called “too late” for failing to cut rates faster. He also called him “a fool” and criticized him for the renovation of the Fed’s headquarters in Washington, D.C., which has gone over budget.
Some have connections to the central bank and the White House, while others hold top positions at the world’s largest asset manager.
TRUMP AGAIN BLAMS POWELL AS ‘FOOL’, THREATENS LAWSUIT OVER RENOVATIONS
Kevin Hassett
Kevin Hassett is director of the National Economic Council. (Allison Robbert/Bloomberg via Getty Images)
Hassett, reportedly one of the top two picks, is on his second spin through Trump’s orbit. He is director of the National Economic Council. During the first Trump administration, he served as a senior advisor and chairman of the Council of Economic Advisors. Both agencies work with the White House on economic policy.
The expected rate cut by the Fed is accompanied by other dilemmas for the central bank
Kevin Warsh
Former Federal Reserve Governor Kevin Warsh discusses the significance of ADP ending data sharing with the Federal Reserve and the return of inflation data on “Maria Bartiromo’s Wall Street.”
The former Federal Reserve governor, who along with Hassett is a leading contender for the Fed chairmanship, has been a long-time critic of the central bank.
“I think their record is very poor at predicting the growth of the economy based on policies like the president’s. And their inflation forecasts have been terrible too. That’s why they were so late, and that’s why we had this wave of inflation that has hurt the hardest working Americans among us the most.
Rik Rieder
BlackRock Global Fixed Income CIO Rick Rieder discusses the state of the US economy heading into the new year in ‘The Claman Countdown’.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,083.16 | -5.24 |
-0.48% |
“When I first heard it, I thought it would be the greatest honor of my life. I mean, to actually be considered in such a position and think about the responsibility, and honestly I thought about the ability, and I think serving your country is such a powerful dynamic, the ability to help people through monetary policy, through economic transmission, is really powerful,” he said in August.
AMERICANS WILL GET HUGE TAX REFUND NEXT YEAR
Christopher Waller
Christopher Waller. (Al Drago/Bloomberg via Getty Images/Getty Images)
WALLER: I FILL THE BILL FOR THE NEXT FED SEAT
Waller, along with colleague Michelle Bowman, were among the first Fed dissidents to vote for rate cuts in July. The duo flagged a growing rift within the Federal Reserve, which has come under fire for waiting too long to cut rates amid higher inflation and a slowing labor market.
In December, Waller agreed to a 0.25 point interest rate cut by the Fed. This marked the third interest rate cut of the year. In the minutes of the last meeting, published on December 30, the number of expected rate cuts in 2026 remains uncertain.
