Trump says he’s made up his mind on Fed chair nominee

President Trump said he’s made up his mind about his choice for the next chair of the Federal Reserve, signaling that an announcement could be imminent.

When asked Friday by reporters in Florida if he’s made his pick, Mr. Trump responded, “In my mind, done!”

He did not say which candidate he selected.

Mr. Trump’s comment came hours after he cast doubt on the idea of nominating Kevin Hassett, director of the White House Economic Council, for the role. Mr. Hassett was long considered to be a favorite to succeed current Fed Chair Jerome Powell, whose term expires in May.

But Mr. Trump said that if Mr. Hassett were to leave his White House post, it would cost the administration one of its most powerful economic messengers.

“I actually want to keep you where you are, if you want to know the truth,” Mr. Trump told Mr. Hassett during a White House event.

“Kevin Hassett is so good. I’m saying, ’Wait a minute. If I move him, these Fed guys — certainly the one we have now — they don’t talk much. I would lose you.’ It’s a serious concern to me,” Mr. Trump said.

“We don’t want to lose him, Susie,” the president said, addressing White House Chief of Staff Susie Wiles.

The president’s remarks likely boosted the prospects for Kevin Warsh, a former Fed governor, who was already a top contender for the position.

It had long been seen as a two-person race between Mr. Warsh and Mr. Hassett. However, Mr. Hassett was largely viewed as the front-runner to replace Mr. Powell because he worked for the president during his first term. Last month, Mr. Trump referred to Mr. Hassett as a “potential Fed chair.”

Mr. Trump has launched an extensive search to replace Mr. Powell, whom the president nominated for the role during his first term in 2018. The two have had a bitter falling out amid Mr. Powell’s refusal to lower interest rates at the speed or size that Mr. Trump has demanded.

The president has repeatedly belittled Mr. Powell, giving him the nickname “too late” and calling him “dumb.”

Mr. Powell’s term will end May 15, though he could take the unusual step of remaining on the board as governor afterward.

It was revealed Sunday that the Justice Department has launched a criminal investigation into Mr. Powell — the first for a sitting Fed chair — centering on renovations of the Federal Reserve’s headquarters, which is already $700 million over budget.

Justice Department investigators have issued subpoenas related to testimony Mr. Powell gave last June before the Senate Banking Committee about the $2.5 billion renovation project.

Mr. Powell said the subpoenas were a punishment for the central bank’s refusal to lower interest rates as Mr. Trump demanded.

The criminal investigation has sparked a backlash among lawmakers of both parties, who expressed concern that Mr. Trump was undermining the Fed’s independence from politics.

Sen. Thom Tillis, North Carolina Republican and a key member of the Senate Banking Committee, vowed to oppose any of the president’s picks until the Justice Department investigation is resolved. Other GOP senators have also pushed back on the probe.

That could make it hard for Mr. Hassett, who would come directly from the White House, to win Senate confirmation.