US President Donald Trump announced that the expected announcement regarding the leadership change at the Fed will be made “early next year.”
Trump also said Treasury Secretary Scott Bessent still refuses to accept the position.
In his assessment of economic and monetary policies, Trump argued that inflation was falling rapidly and was “almost reaching a perfect level.” He said, “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.”
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.”
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.”
*This is not investment advice.