It is once again an uneasy time for Jerome Powell, head of the Federal Reserve. US President Donald Trump is searching for his replacement. Recently, the White House leader revealed he had four contenders for the role of Fed chair.
Trump, while announcing he has four candidates for the Fed’s top job, said he planned to decide on a successor to Adriana Kugler, a member of the Fed’s Board of Governors. She should have stepped down on August 8. According to the president, several people are being considered for the position, and the choice will be made either on a permanent basis or for a four-month term.
Earlier, the US president confirmed that Treasury Secretary Scott Bessent would not become the Fed chair. For months, Trump has been relentless in his criticism of Powell for refusing to cut interest rates. The disapproval intensified after the Fed kept its benchmark rate at 4.25%–4.5% per annum. Following that decision, the White House chief branded Powell a “major loser, numbskull, and stupid” and called for his removal.
Powell’s term officially ends in May 2026, but that is unlikely to stop Trump from dismissing him ahead of schedule. Some media outlets suggest that an earlier departure could be triggered by the controversy over the cost of repairs to historic Fed buildings, an issue the president is reportedly keeping under close watch.
