Treasury Secretary Besant Expects Powell's Successor to Be Announced by Year-End

NYT: Trump's Criticism of the Fed Expected to Continue Even After Rate Cuts

Scott Besent, US Secretary of the Treasury. Photo by Reuters Yonhap News

U.S. Treasury Secretary Scott Besant predicted that the successor to Federal Reserve (Fed) Chair Jerome Powell will be announced around the end of the year.

On the 31st (local time), Secretary Besant made this statement in an interview with CNBC when asked when the next Fed chair nominee would be revealed. Chair Powell's term ends in May 2026.

President Donald Trump continued his criticism of Chair Powell after the Fed once again held its benchmark interest rate steady. On the same day, President Trump wrote on the social networking service Truth Social, "Jerome 'Too Late' Powell did it again," adding, "He is too slow to be the Fed chair. And in fact, he is too angry, stupid, and political." He continued, "He is not only one of the most incompetent or corrupt building remodelers in construction history, but he is also costing our country trillions of dollars," and added, "In other words, Powell is a total failure and our country is paying the price."

Meanwhile, The New York Times (NYT) predicted that President Trump's attacks on the Fed will not cease even if the Fed begins to cut rates. This is because the pace of the Fed's rate cuts may not be as fast as President Trump desires.

NYT also reported that none of the Fed policymakers, including Christopher Waller and Vice Chair Michelle Bowman, both appointed by President Trump during his first term, agree with President Trump's desired 1% rate cut.