President Trump called Federal Reserve Chairman Jerome Powell “incompetent” Tuesday during a Japanese business roundtable, one day before a key interest-rate decision by the central bank.
Mr. Trump is pushing the Fed to slash interest rates on Wednesday to juice the economy and give borrowers better terms.
“I think he’s incompetent, or a bad guy,” Mr. Trump said of Mr. Powell. “He’s always too late.”
The Fed’s target rate is at 4% to 4.25% after a September cut, and central bankers are expected to reduce it again to the 3.75%-4% range.
Regardless, Mr. Trump is already moving on from the chairman, saying he got bad advice when he appointed Mr. Powell during his first term in 2017.
“Somebody gave me a bad reference on him, I put him in,” Mr. Trump said in Japan. “But he’ll be out of there in a few months, and we’ll get somebody new.”
Mr. Powell’s term expires in May.
Treasury Secretary Scott Bessent announced five finalists on Monday to replace Mr. Powell, adding that he expects Mr. Trump to make his decision by the end of this year.
The candidates are current Fed Board members Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett and BlackRock Inc. executive Rick Rieder, Mr. Bessent told reporters.
Mr. Bessent whittled down the list after a round of interviews this year.
The president said Mr. Bessent, himself, would be a good candidate.
“I’m thinking about him for the Fed,” Mr. Trump said Tuesday. “He won’t take the job. He likes being Treasury.”
The president praised Mr. Bessent’s ability to calm Wall Street whenever he appears on television.
“He soothes the markets,” Mr. Trump said. “I don’t soothe the market, I sometimes disturb the markets.”
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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