US President Donald Trump has made his decision for a new head of the US Federal Reserve (Fed). “I know who I will vote for,” said Trump on Sunday (local time) on board the presidential plane Air Force One.
US President Donald Trump.Image: keystone
However, he didn’t give a name. “We will announce it,” said the US President.
Trump had already announced that he would not renominate current Fed Chairman Jerome Powell after his term ends in May 2026. Because he wants a lower key interest rate, Trump has been putting pressure on Powell and insulting him for months.
A lower key interest rate would stimulate the economy and save the government billions in debt service – but, according to experts, it would also increase inflation.
According to information from the Bloomberg news agency, Kevin Hassett, chairman of the National Economic Council in the White House, is considered the favorite for the post. “If he chooses me, I will be happy to take on this task,” Hassett told Fox News on Sunday.
Hassett is considered a representative of a loose monetary policy. The central bank is legally independent. (dab/sda/awp/dpa)