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Trump thinks he can influence Fed interest rate decisions
(MENAFN) US President Donald Trump on Friday expressed that he believes he should have a voice in shaping the interest rate decisions of the next Federal Reserve chairman as he evaluates potential candidates for the position.
"I think I certainly should have a role in talking to whoever the head of the Fed is, or the Fed," he told reporters at the White House. "I've done great. I've made a lot of money, very successful. I think my voice should be heard, but I'm not going to make the decision based on that. I'll be making a decision over the next few weeks."
Trump has previously pushed for current Fed Chair Jerome Powell to pursue more aggressive interest rate cuts, even as the Federal Reserve recently reduced rates to a range between 3.5% and 3.75%. The Federal Open Market Committee, responsible for setting rates, has been cautious to avoid fueling already high inflation, which is projected to remain above its 2% target until 2028, according to reports. The latest data shows annual inflation at 2.8% in September, the most recent month used in the Fed’s calculations.
In discussions about possible successors, Trump said he is considering former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett for the role.
“Yes, I think he is. I think you have Kevin and Kevin. They’re both—I think the two Kevins are great,” he said. “I think there are a couple of other people that are great.”
Regarding Warsh, Trump added, "thinks you have to lower interest rates.” He continued, “And so does everybody else that I’ve talked to," as stated by reports.
"I think I certainly should have a role in talking to whoever the head of the Fed is, or the Fed," he told reporters at the White House. "I've done great. I've made a lot of money, very successful. I think my voice should be heard, but I'm not going to make the decision based on that. I'll be making a decision over the next few weeks."
Trump has previously pushed for current Fed Chair Jerome Powell to pursue more aggressive interest rate cuts, even as the Federal Reserve recently reduced rates to a range between 3.5% and 3.75%. The Federal Open Market Committee, responsible for setting rates, has been cautious to avoid fueling already high inflation, which is projected to remain above its 2% target until 2028, according to reports. The latest data shows annual inflation at 2.8% in September, the most recent month used in the Fed’s calculations.
In discussions about possible successors, Trump said he is considering former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett for the role.
“Yes, I think he is. I think you have Kevin and Kevin. They’re both—I think the two Kevins are great,” he said. “I think there are a couple of other people that are great.”
Regarding Warsh, Trump added, "thinks you have to lower interest rates.” He continued, “And so does everybody else that I’ve talked to," as stated by reports.
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