President Donald Trump said he is interviewing “three to four” candidates for the chairmanship of the Federal Reserve and expects to decide soon on who will succeed Jerome Powell.
“I think each of them is a good choice,” Trump said. Trump indicated that he was not sure if he would announce the pick by the end of the year, but said he would do so “in the coming weeks.”
The president has indicated that he wants the next central bank governor to be more proactive in cutting interest rates to lower mortgage costs. He had previously hinted that he had made up his mind and said earlier this month that he had a “rough idea” of who he wanted to nominate.
However, on Thursday, the president still lavished praise on several candidates. When asked about Federal Reserve Governor Christopher Waller, he said they had met again on Wednesday and praised him as “very excellent”.
“What I mean is, he’s been there for a long time,” Trump said.
Trump also expressed appreciation for Michelle Bowman, the vice chair for supervision at the Federal Reserve, but did not explicitly confirm whether she was among the final candidates. In an interview with The Wall Street Journal last week, Trump hinted that National Economic Council Director Kevin Hassett and former Federal Reserve governor Kevin Warsh were the leading contenders for the position.
“I think both Kevins are great,” he said at the time. “I think there are a few others who are also excellent.”
In an interview with The Wall Street Journal, Trump called for a significant reduction in interest rates, saying they should be lowered to “1% or even lower.”
The Federal Reserve cut its benchmark interest rate to a range of 3.5% to 3.75% earlier this month, marking the third rate cut in a row at its meetings. Three central bank officials dissented from the decision, and the Federal Open Market Committee has yet to decide whether to cut rates further.
