Summary
President Trump expressed his wish to replace Federal Reserve Chair Jerome Powell, calling him "grossly incompetent" at a U.S.-Saudi Investment Forum. Trump mentioned he nearly knows who he wants as the next Fed chair, and Treasury Secretary Scott Bessent is leading the search for candidates. A decision on the next chair is expected by the end of the year.
Key Facts
- President Trump wants to replace Federal Reserve Chair Jerome Powell.
- Trump called Powell "grossly incompetent" at a recent forum.
- Trump nearly knows his choice for the next Fed chair.
- Treasury Secretary Scott Bessent is managing the search for a new Fed chair.
- Trump criticized the Fed for keeping interest rates too high.
- Bessent has identified five finalists for the Fed chair position.
- A new Fed chair choice is expected by the end of the year.
