Trump Calls Fed Chair Powell "Average Mentally Person", Eyes 3–4 Candidates for Position
Taarek Refaat
In a move that could reshape the future of U.S. monetary policy, President Donald Trump revealed he is actively considering three to four candidates to replace Federal Reserve Chair Jerome Powell once his term expires in May 2026.
In characteristically direct language, Trump referred to Powell as an 'average mentally person',' reaffirming years of tension between the White House and the Fed over interest rate strategy and inflation control.
'I already know who I'll pick from the short list,' Trump told reporters on Wednesday, in remarks that immediately sent ripples through global financial circles.
Who's on Trump's Shortlist?
Though the final decision remains months away, several names have surfaced from sources familiar with the discussions:
Kevin Warsh – Former Fed Governor, known for market-centric views
Kevin Hassett – Former Chair of the Council of Economic Advisers under Trump
Christopher Waller – Current Fed Governor and vocal on rate policy
Scott Bessent – Current Treasury Secretary, with hedge fund background
Each candidate represents a potential policy shift, especially in the direction of lower interest rates and pro-growth frameworks, aligning closely with Trump's economic messaging ahead of the 2026 fiscal pivot.
Tension with Powell
Trump's relationship with Powell has long been strained. As early as 2019, Trump criticized Powell for not cutting rates fast enough, even suggesting he had the authority to fire him. Though he later backed down from that stance, his disapproval has never fully faded.
Now, with a second term in office and Powell's end-of-term in sight, Trump is in a position to reshape the Fed in his image — potentially nominating a chairman more aligned with his economic playbook.
What This Means for Markets
Market reaction to Trump's remarks was measured but cautious. While Powell's leadership has been seen as steady by many investors, the prospect of a new, more politically aligned Fed chair could:
Accelerate expectations of rate cuts
Influence bond yields and dollar strength
Create volatility in inflation-sensitive sectors
Trump has publicly pushed for significant rate cuts, even suggesting a 2–3 percentage point drop, a stance that contrasts sharply with Powell's patient, data-driven approach.
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