Trump Prepares to Oust Fed Boss Powell, Says New Chair Decision ‘Very Soon’

Rate Cut Demanded: Trump Slams Powell, Signals Fed Leadership Overhaul

Since assuming office in January 2025, Trump has persistently criticized Powell, frequently asserting the central bank chief is habitually “too late.” Back in Aug. 2024—before securing the presidency—Trump stated during a Mar-a-Lago press conference that U.S. Presidents ought to wield influence over Federal Reserve policy. Then, in April, it was revealed that Trump’s administration had appealed to the Supreme Court, seeking the authority to remove senior officials from independent federal agencies.

Observers interpreted the legal move as a direct challenge to Powell’s tenure. One week later, Trump wrote on Truth Social that Powell’s “termination cannot come fast enough.” This week, Trump once again took aim at Powell, arguing that “Powell must now lower the rate” and noting that the European Central Bank had already made substantial rate cuts. According to Reuters, Trump said on Friday a decision on appointing a new Federal Reserve leader is imminent.

“It’s coming out very soon,” Trump remarked. Reuters further added that the president believes an ideal central bank head would move decisively to cut interest rates. Among those rumored to be in consideration is former Fed governor Kevin Warsh. In recent commentary, Warsh has denounced the Fed’s aggressive market interventions and growing balance sheet, suggesting these approaches have fueled inflation and the federal debt.

Warsh is often described as favoring stimulus measures solely during economic emergencies, leading some to characterize him as an interventionist. When asked specifically about Warsh, Trump replied to reporters, “he’s very highly thought of.” As of press time, the CME Fedwatch tool places the probability of interest rates holding steady at the June 18 Fed meeting at a striking 97.4%.