US President Donald Trump has dropped a significant hint about his preferred candidate to replace Jerome Powell as the next Federal Reserve Chair, while launching sharp criticism against the current chair's handling of interest rates.
Trump's Oval Office Revelation
During a meeting with Saudi Crown Prince Mohammed bin Salman at the Oval Office on Tuesday, November 19, 2025, President Trump made surprising comments about the future leadership of the Federal Reserve. When questioned about who might succeed Jerome Powell, Trump confidently stated, "I think I already know my choice. We are talking to various people."
The President carefully avoided revealing specific names but indicated that his administration is considering both conventional and unexpected candidates for the crucial economic position. "We have some surprising names and we have some standard names that everybody's talking about," Trump noted, adding that they might "go the standard way" for political correctness.
Sharp Criticism of Powell's Performance
President Trump didn't hold back his dissatisfaction with Jerome Powell's current performance as Federal Reserve Chair. He expressed particular frustration with Powell's approach to interest rates, stating that the Fed chair "has done a terrible job" by not lowering rates more quickly.
"Frankly, I would love to get the guy currently in there out right now, but people are holding me back," Trump revealed during the discussion with the Saudi Crown Prince. This isn't the first time Trump has publicly criticized Powell's monetary policy decisions, though his latest comments represent some of his strongest language to date.
Potential Candidates and Considerations
While keeping his cards close to his chest, President Trump did clarify one potential candidate's status. He confirmed that Treasury Secretary Scott Bessent has expressed no interest in taking over the Fed chair position. This clarification comes amid ongoing speculation about possible replacements for Powell when his term concludes.
The President's comments suggest his administration is weighing both traditional economic experts and potentially unconventional choices for one of the world's most influential financial positions. The selection process appears to be in advanced stages, given Trump's indication that he already has a preferred candidate in mind.
As global markets closely watch these developments, the uncertainty around Federal Reserve leadership adds another layer of complexity to international economic relations and monetary policy direction. The eventual appointment will significantly influence not just American economic policy but global financial stability as well.
