US President Donald Trump announced that an expected announcement regarding a leadership change at the Federal Reserve (Fed) will be made “early next year.”
Trump also mentioned that Treasury Secretary Scott Bessent has indicated he refuses to accept the position.
Economic and Monetary Policy Assessment
In his assessment of economic and monetary policies, Trump argued that inflation was falling rapidly and was “almost reaching a perfect level.” He stated, “We've stopped inflation since last January. There's still work to be done, but it's at a very good level right now. It's going to fall a little more. You have to have some inflation, otherwise you'll have deflation, and deflation can be worse than inflation.”
Criticism of the Current Fed Chair
In another part of his speech, Trump harshly criticized the current Fed Chair. He said mortgage rates need to fall, adding, “The Fed has an incompetent chair. He's the one who should be lowering interest rates. Even Jamie Dimon called for a rate cut. I wonder why he did it, but he's right. But we have a stubborn man who probably doesn't like your president, your favorite president.”
Announcement of New Fed Chair
Trump stated that the announcement of the name of the new Fed Chair would be coming soon, saying, “We will probably make the announcement for the new chair early next year. I've spoken with Scott, but he doesn't want the position.”