The Senate confirmed Kevin Warsh as chairman of the Federal Reserve on Wednesday in a 54-45 vote. Warsh will officially take over the position on Friday after Jerome Powell&#8217;s term as Fed chair concludes. 
The confirmation comes after Powell has faced months of pressure from President Donald Trump, as Powell has been hesitant to lower interest rates. Democratic Pennsylvania Senator John Fetterman was the only senator to cross party lines and vote for President Trump’s pick to lead the central bank.
While Warsh takes over as Fed chair, Powell will remain on the board as a governor. Powell&#8217;s term as Fed governor continues until 2028. 
Warsh&#8217;s confirmation didn&#8217;t come easy. Sen. Thom Tillis (R-NC) blocked Warsh&#8217;s path through the Senate Banking Committee for months, refusing to move any Fed nominees while the Department of Justice was criminally investigating Powell over the $2.5 billion renovation of the Federal Reserve building. The DOJ ultimately dropped the investigation, causing Tillis to drop his hold. 
Warsh takes the helm of the central bank after previously serving as a Fed governor from 2006 to 2011, an appointment made by President George W. Bush. He became the youngest Fed governor in history at 35 and became well known as an inflation hawk. 
&#8220;We have the largest, most robust economy in the world. We have the deepest, most liquid financial markets. And the dollar is the world’s reserve currency, bestowing key advantages upon us. But, none of this is our birthright. It must be earned, and re-earned,&#8221; Warsh <a href="https://www.federalreserve.gov/newsevents/speech/kevin20100628a.htm">said</a> in a 2010 speech. 
Warsh left the Fed in 2011 to join UPS&#8217;s board and take positions at the Hoover Institution and the Stanford Graduate School of Business.
Warsh inherits a Federal Reserve being pulled in multiple directions. President Trump continues to call for the Federal Reserve to cut interest rates, but inflation is still on the rise amid tensions with Iran. After April’s hotter-than-expected inflation report, chances of a rate cut in 2026 declined.
Warsh criticized the central bank’s hesitancy to cut rates, but many people still view him as a hawk on inflation. In December, the chief economist of Deutsche Bank <a href="https://www.investopedia.com/interest-rate-changes-could-be-on-the-way-under-kevin-warsh-trump-s-pick-for-fed-chair-11895919">said</a> that “although Warsh has argued for lower rates recently, we do not view him as structurally dovish.”
Warsh told Congress he plans on shrinking the Federal Reserve’s balance sheet, which holds more than $6 trillion in U.S. government bonds and mortgage-backed securities. Warsh argues that trimming the balance sheet will give the Fed room to lower interest rates.
He also plans to keep the Fed focused on its core mandate of maximizing employment and keeping inflation at 2%. Warsh says the central bank has drifted from that core mission and believes that decisions on which assets the central bank buys are better left to the Treasury Department.

Day Five Of The Spring Meetings Of The International Monetary Fund And World Bank

Senate Confirms Kevin Warsh As Fed Chair In Big Win For Trump

Donald Trump

Federal Reserve

Inflation

Interest Rates

Jerome Powell

Kevin Warsh

The Federal Reserve got it wrong again.
By refusing to cut rates yesterday, the Fed showed that it is still fighting yesterday’s inflation while ignoring today’s economy. The Federal Open Market Committee left its target range unchanged at 3.5% to 3.75%. It also didn’t change the rate it pays on nearly $3 trillion of bank reserves, a disincentive for bank lending. Moreover, the difference between short-term interest rates on Treasury securities and long-term ones is ridiculously narrow. The one-month Treasury bill rate is about 3.7%. Given that the ten-year Treasury bond is yielding around 4.25%, that Treasury bill rate should be little more than 2 1/2%.
The Fed mistakenly believes prosperity causes inflation. By those misguided lights, our central bank should be cutting rates.
The labor market is plainly softer: February payrolls fell by 92,000. Fourth-quarter 2025 GDP was just revised down to a weak 0.7% annual rate. Those are not numbers that justify monetary paralysis. They are numbers that argue for relief.
Yet Jerome Powell persists in presenting this stance as prudence. It is not prudence. It is institutional vanity masquerading as caution. Powell said that the current stance of policy is “appropriate,” and he again leaned on vague uncertainty tied to developments in the Middle East. Central banking is supposed to be about weighing actual monetary conditions, not using every geopolitical tremor as an excuse for inaction. Monetary policy cannot prevent wars, but it can certainly make an already slowing economy weaker by keeping the price credit too high for too long. 
Worse, Powell’s comments about remaining in office as “chair pro tem” if no successor is confirmed were the most revealing part of the day. By saying he would stay on beyond the end of his current term if necessary, Powell projected exactly the wrong message: that the office belongs to him until the political system catches up. It does not. The Federal Reserve chairmanship is not a hereditary title, not a lifetime appointment, and certainly not a perch from which one signals permanence during a period of policy failure. Reuters reported <a href="https://www.reuters.com/business/feds-powell-says-hell-stay-fed-leader-until-successor-confirmed-2026-03-18/">yesterday</a> that Powell said he would remain as Fed leader until a successor is confirmed. That may be legally arguable. It is politically tone-deaf and economically reckless.
The real issue is not just style. It is substance. High rates are not costless. They punish homebuyers, freeze housing activity, discourage business expansion, and increase the financing burden across the economy. Powell himself acknowledged yesterday that housing remains weak and that job gains have remained low. January retail sales were down 0.2%, hires in the JOLTS report were stuck at 5.3 million, and quits remained subdued at 3.1 million. The Fed has an institutional bias against vigorous economic growth. But even by its perverted lights, those numbers don’t convey a booming economy screaming for restraint. That is a country telling the Fed, in plain English, that the price of borrowing money is too high.
This is the chronic disease of modern central banking: officials are always late. They were late to recognize inflation when easy money was flooding the system, and now they are late to recognize disinflation as growth fades. Instead of admitting that policy works with long lags, the Fed clings to a backward-looking obsession with proving its anti-inflation credentials. It is as though Powell is determined to be remembered as “tough,” even if that means being wrong.
America does not need theatrical sternness from the Eccles Building. It needs sound money and common sense. Inflation has come down. Growth has slowed sharply. Employment has weakened. Credit-sensitive sectors are under strain. The right move was not another pose of caution. It was a rate cut.
The Fed missed the moment. Again.
And Powell’s insinuation that he may simply remain in place until Washington resolves his succession only adds arrogance to error. The central bank needs humility, not self-importance; discipline, not drift; and above all, leadership that understands that keeping rates too high for too long is every bit as damaging as holding them too low for too long.
* * *
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

US-ECONOMY-POLITICS-FED-RATE-POWELL

The Fed Missed The Moment. Again.

Economy

Forbes

President Donald Trump announced that the federal government will purchase $200 billion in mortgage bonds in an effort he believes will help lower housing costs.
In a Truth Social post on Thursday, he said former President Joe Biden “ignored the housing market” and said that he, by contrast, is giving “special attention” to the issue.
“Because I chose not to sell Fannie Mae and Freddie Mac in my First Term, a truly great decision, and against the advice of the ‘experts,’ it is now worth many times that amount — AN ABSOLUTE FORTUNE — and has $200 BILLION DOLLARS IN CASH,” he said.
“Because of this, I am instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS. This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable,” the president continued. Trump directly said it would help in “restoring Affordability,” which has become a buzzword on the 2026 campaign trail as the country still recovers from post-pandemic and Biden-era inflation.
The announcement comes after he said on Wednesday that he would be taking action against institutional investors purchasing single-family homes.
“It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks,” Trump wrote on Wednesday.
The Daily Wire reported after Trump’s Wednesday announcement, this is part of a larger effort by the administration to tackle housing woes nationwide, including the push from the president to select a Federal Reserve chair who will aggressively cut interest rates, as Chair Jerome Powell leaves the role in May.
&#8220;Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly? People can&#8217;t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,&#8221; the president posted to Truth Social in August.
Home prices have surged over the last decade by 105%, according to MoneyLion in October.

President Trump Visits Federal Reserve

Trump Vows To Lower Mortgages With ‘$200 Billion’ Bond Purchase

Executive

Fannie Mae

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Housing

Money

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Trump Administration

President Donald Trump said Wednesday that he plans to take executive action to stop “large institutional investors” from buying “single-family” homes in the United States.
In a post on Truth Social, Trump said the move comes as housing affordability remains a major concern for Americans, adding that he would like Congress to codify the policy into law.
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” he posted.
“It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks,” he continued. The details of the plan are currently unknown.
A 2024 Government Accountability Office <a href="https://www.gao.gov/products/gao-24-106643?utm_campaign=usgao_email&amp;utm_content=topic_housing&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noopener">report</a> found that the impact of institutional investors varies widely by region, with many areas in the southern United States showing a significant share of the single-family rental homes owned by investors with more than 1,000 properties.
“Millions of homeowners defaulted on their mortgages during the 2007-2009 financial crisis. Institutional investors — companies that own a lot of single-family rental homes — bought many of these foreclosed homes in bulk and converted them into rental housing, especially in states across the southern U.S.,” the GAO’s website states regarding the report.
“Researchers found that institutional investors may have contributed to increasing home prices and rents following the financial crisis. However, it&#8217;s unclear how these investors affected homeownership opportunities or tenants because many related factors affect homeownership — e.g., market conditions, demographic factors, and lending conditions,” it continues.
Interest rates are also expected to be a major factor, as Trump is expected to name a successor to Federal Reserve Chair Jerome Powell, whose term ends in May. The president has called for rates to be cut more aggressively, which could impact how much homebuyers can afford to borrow.

US-ECONOMY-HOUSING-REAL ESTATE

Trump Makes Big Move To Combat Spiking Home Prices, Takes Aim At Big Investors

scott turner

The Federal Reserve slashed interest rates by a quarter of a percentage point on Wednesday following increased pressure from President Donald Trump.
In an 11-1 vote, the Fed policymakers approved a 25-basis-point cut. Stephen Miran, the newest Federal Reserve Board Governor who was appointed by Trump and approved by the Senate earlier this week, was the lone member to dissent, advocating for a half-point cut, CNBC <a href="https://www.cnbc.com/2025/09/17/fed-rate-decision-september-2025.html">reported</a>. The rate cut is unlikely to satisfy the president, either. Trump predicted earlier this week that the Fed would approve a “big cut.”
“It’s perfect for cutting,” Trump <a href="https://thehill.com/homenews/5503502-trump-expects-big-interest-rate-cut/">said</a> on Sunday. “We’re doing well and everything — energy is way down, groceries are down, everything, almost everything — is way down.” In a social media <a href="https://truthsocial.com/@realDonaldTrump/posts/115208353139528932">post</a> on Monday, Trump called on Fed Chair Jerome Powell to “CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!”
In a statement following its decision, the Fed pointed to slowing job gains and noted that inflation “has moved up and remains somewhat elevated.”
“Uncertainty about the economic outlook remains elevated,” the statement added. “The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.”
Fed Chair Jerome Powell again brought up uncertainty surrounding Trump’s tariffs during a press conference Wednesday afternoon, saying, “Higher tariffs have begun to push up prices in some categories of goods, but they&#8217;re overall effects on economic activity and inflation remain to be seen.”
“Our obligation is to ensure that a one-time increase in the price level does not become an ongoing inflation problem,” Powell added.
The rate cut is the first one that the Fed has announced since Trump was sworn in for his second term. Inflation, which the Fed closely monitors while considering rate cuts, has remained around 3%. Year-over-year inflation is currently at 2.9%, which is above the Fed’s target of 2%, but the rate has remained under 3% since February.
The Fed’s two-day meeting began on Tuesday, shortly after Trump’s nominee, Miran, was approved by the Senate to replace Board Governor Adriana Kugler, who announced that she was stepping down last month. Miran, a senior adviser to Trump, is remaining in his role in the administration while also serving out the remainder of Kugler’s term, which ends in January.
The president tried to fire Board Governor Lisa Cook after she was accused of committing mortgage fraud. The U.S. Court of Appeals for the District of Columbia Circuit, however, halted Trump’s attempt to remove Cook from her position. Trump is also preparing to appoint a new Fed Chair when Powell’s term as the chair ends in May 2026.
Traders are predicting two more rate cuts later this year, one next month and another in December, The Wall Street Journal <a href="https://www.wsj.com/livecoverage/fed-interest-rate-decision-live-09-17-2025?gaa_at=eafs&amp;gaa_n=ASWzDAjBzxLTuEgKlF_q1CHaJ4kgAkagZ4dPx1rrIWLR5-u6YUp62oGeahCc2wwPHHU%3D&amp;gaa_ts=68cad590&amp;gaa_sig=aNUYopYjLk58gGdQM7c1DR1sOnComacJggNy7xpwk9f3fnE3y0divFkvzElsRELOrAUge_PaivpzzWTOgqcl9Q%3D%3D">reported</a>. The markets had a mixed reaction on Wednesday morning as many anticipated the Fed’s decision to lower rates. The Nasdaq Composite and S&amp;P 500 both dropped slightly, but the Dow Jones Industrial Average rose before the decision.
Mortgage rates also dropped to a three-year low on Tuesday ahead of the Fed’s interest rate cut, CNBC <a href="https://www.cnbc.com/2025/09/16/mortgage-rates-drop-to-3-year-low-ahead-of-fed-meeting.html">reported</a>. The average 30-year fixed mortgage rate fell 12 basis points from Monday to Tuesday, down to 6.13%.

Federal Reserve Cuts Interest Rates After Months Of Pressure From Trump

The U.S. economy added just 22,000 jobs in August, and the unemployment rate rose to 4.3%, according to the Bureau of Labor Statistics report released on Friday.
The BLS report was the first one since President Donald Trump <a href="https://www.dailywire.com/news/trump-fires-biden-appointed-labor-statistics-boss-after-major-revisions-to-jobs-reports">fired</a> Biden-appointed BLS Commissioner Erika McEntarfer after the bureau made major revisions to its May and June reports, marking down nonfarm payrolls by nearly 260,000. The August numbers were far below economists’ predictions, who expected payrolls to rise by 75,000, CNBC <a href="https://www.cnbc.com/2025/09/05/jobs-report-august-2025.html">reported</a>.
While Friday’s report reveals a troubling trend for the job market, it is likely to keep the Federal Reserve on track to lower interest rates at its meeting later this month. The Federal Reserve often lowers interest rates if unemployment is high in an attempt to stimulate economic activity, which can lead to companies hiring more people. Last month, Federal Reserve Chair Jerome Powell <a href="https://www.dailywire.com/news/fed-chair-jerome-powell-hints-at-possible-rate-cut-wall-street-cheers?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Fed+Chair+Jerome+Powell+Hints+At+Possible+Rate+Cut%2C+Wall+Street+Cheers">suggested</a> that central bank policymakers are considering cutting rates.
Shortly after the poor jobs report was released, Trump blasted Powell on his Truth Social platform.
“Jerome ‘Too Late’ Powell should have lowered rates long ago. As usual, he’s ‘Too Late!’” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115152111914572913">posted</a>.
Both the wholesale trade and manufacturing sectors saw declines of 12,000 jobs last month, while the health care sector led all others with 31,000 jobs added. Average hourly earnings rose 0.3%, matching the estimate, and annual earnings gains increased by 3.7%, which was just shy of the 3.8% expectation, according to CNBC.
Daniel Zhao, the chief economist at jobs site Glassdoor, told the outlet, “The labor market is losing lift, and August’s report, along with downward revisions, suggests we’re heading into turbulence without the soft landing achieved.”
Trump ripped McEntarfer last month, accusing the former BLS commissioner of inflating job growth “before the Election to try and boost” the chances of former Vice President Kamala Harris.
“We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified,” he said on August 1. “Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.”
Trump <a href="https://www.dailywire.com/news/trump-names-his-pick-to-take-charge-of-jobs-data-honest-and-accurate">nominated</a> economist E.J. Antoni to take over the BLS. Antoni is a Heritage Foundation fellow who agrees with Trump that BLS numbers have been distorted for political reasons.
“There are better ways to collect, process, and disseminate data—that is the task for the next BLS commissioner, and only consistent delivery of accurate data in a timely manner will rebuild the trust that has been lost over the last several years,” Antoni posted on X just a few days after Trump fired McEntarfer.

First U.S. Jobs Report Since Trump Fired Labor Statistics Chief Shows Major Hiring Slowdown

Bureau of Labor Statistics

Jobs

Federal Reserve Chair Jerome Powell suggested on Friday that central bank policymakers could cut interest rates at their meeting next month under current conditions.
During a speech at the Fed&#8217;s annual Economic Policy Symposium in Jackson Hole, Wyoming, Powell said that “the balance of risks appear to be shifting” between the goals of full employment and stable prices, CNBC <a href="https://www.cnbc.com/2025/08/22/powell-indicates-conditions-may-warrant-interest-rate-cuts-as-fed-proceeds-carefully.html">reported</a>. Powell added that the labor market and the economy are in a good place, even as President Donald Trump&#8217;s tariffs take effect. Still, the Fed chair said that the tariffs present risks that must be considered, as inflation could rise.
The stock market <a href="https://www.nytimes.com/2025/08/22/business/powell-speech-jackson-hole-fed-inflation.html">spiked</a> following Powell&#8217;s speech, with the Dow Jones and Nasdaq Composite rising 2%, while the S&amp;P 500 was up more than 1.5%.
Powell <a href="https://www.wsj.com/economy/central-banking/powell-highlights-job-market-worries-opening-path-to-rate-cut-4169a7ba">said</a> that the U.S. economy is in the middle of an “unusual situation,” with risks of a worse-than-expected labor market rising, according to The Wall Street Journal.
“And if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment,” Powell said.
The Federal Reserve often lowers interest rates if unemployment is high in an attempt to stimulate economic activity, which can lead to companies hiring more people. The year-over-year inflation rate of 2.7%, however, remains above the Fed&#8217;s 2% benchmark. The next inflation report is scheduled to be released on September 11, and the Fed is set to meet again to discuss interest rates on September 16-17.
<a href="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" target="_blank" rel="noopener">End of Summer Sale – Get 40% off New DailyWire+ Annual Memberships</a>
Powell has faced months of criticism from President Trump, who continues to urge the Fed to cut interest rates. Earlier this year, Trump threatened to fire the Fed chair, which would be an unprecedented move for a president to make, but Trump has backed off that threat, saying he will wait until Powell&#8217;s term is complete in May of next year to replace him. The Fed&#8217;s latest decision to keep rates steady also caused division among the policymakers, with two Fed governors, Michelle Bowman and Christopher Waller — who are candidates to become the next Fed chair — publicly disagreeing with the Fed&#8217;s July decision.
Trump&#8217;s latest <a href="https://www.reuters.com/world/us/trump-again-attacks-fed-chair-says-powell-hurting-housing-industry-2025-08-19/">knocks</a> on Powell came on Wednesday when he said that Powell&#8217;s reluctance to lower interest rates was &#8220;hurting the Housing Industry, very badly.&#8221;
&#8220;People can&#8217;t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,&#8221; Trump said.
The Trump administration is set to begin interviewing candidates for the next Fed chair after Labor Day, according to Treasury Secretary Scott Bessent. The administration has <a href="https://www.foxbusiness.com/economy/treasurys-bessent-says-interviews-potential-fed-chairs-start-around-labor-day">announced</a> that 11 people are in the running for the position, including Fed Governors Bowman and Waller, White House National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, Fed Governor Philip Jefferson, Dallas Fed President Lorie Logan, former Fed Governor Larry Lindsey, and former St. Louis Fed President James Bullard.
Rick Rieder, BlackRock&#8217;s chief investment officer for global fixed income, David Zervos, the chief market strategist for Jefferies, and Mark Sumerlin, former deputy director of the National Economic Council, are also on the short list.

Fed Chair Jerome Powell Hints At Possible Rate Cut, Wall Street Cheers

President Donald Trump called for a top official at the Federal Reserve to step down after she was accused by federal officials of mortgage fraud. 
Trump said Wednesday that Lisa Cook, a member of the Federal Reserve Board of Governors, should step down after Federal Housing Finance Agency Director Bill Pulte called for the Justice Department to investigate her over alleged mortgage fraud. 
“Cook must resign, now!!!” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115061104213677946">wrote</a> on Truth Social.  
In an August 15 letter to Attorney General Pam Bondi, Pulte said that Cook falsely claimed primary residency at the same time for two homes she owned in Michigan and Georgia in order to get better interest rates. 
Pulte wrote in his letter that Cook “has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute. This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms.”
In follow-up posts on X, Pulte targeted Cook over the allegations. 
“How can this woman be in charge of interest rates if she is allegedly lying to help her own interest rates?” he <a href="https://x.com/pulte/status/1958162017468154310">wrote</a>, <a href="https://x.com/pulte/status/1958158594374873358">adding</a> in another, “Do not declare two principal residences in President Trump’s America. Mortgage fraud is a serious crime and must be prosecuted as such.”
Senator Rick Scott (R-FL) <a href="https://x.com/SenRickScott/status/1958140416835940434">responded</a> to the criminal referral by demanding that an independent inspector general be established to investigate the Fed. 
“The lack of accountability at the Federal Reserve under Chair Powell is out of control!” Scott posted on X. “This is exactly why we need to pass my bill to establish an independent inspector general at the Fed ASAP.”
When reached for comment by The Daily Wire, a media relations assistant for the Federal Reserve said that “we don’t have anything to share at the moment, but will be back in touch asap.”
Cook later released a statement on the calls for her to step down.
“I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no intention of being bullied to step down from my position because of some questions raised in a tweet,&#8221; she said. &#8220;I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
Cook was appointed to the board of governors by President Joe Biden and is slated to stay on the board until 2038. She previously worked on the Council of Economic Advisers under President Barack Obama and at Harvard University’s Kennedy School of Government.
Trump has repeatedly battled with the Fed over interest rates, demanding that Chair Jerome Powell lower rates. 
“Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him,” he <a href="https://truthsocial.com/@realDonaldTrump/posts/115057827631877948">posted</a> on Truth Social on Tuesday. “There is no Inflation, and every sign is pointing to a major Rate Cut.”
This story has been updated with comment from Cook.

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Trump Calls For Fed Official To Resign ‘Now’ After Mortage Fraud Allegations

Department of Justice

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Pam Bondi

As President Donald Trump considers his options for replacing Federal Reserve Chair Jerome Powell, whose term expires in May, he said on Tuesday that Treasury Secretary Scott Bessent doesn&#8217;t want the job. Trump added that the field of candidates to replace Powell has narrowed to four candidates.
The president discussed the upcoming Fed Chair job opening during a nearly 40-minute phone interview with <a href="https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html">CNBC</a>. Trump did not explicitly reveal who made his list of final candidates for the position, but gave a couple of hints at who he could be considering after Bessent, who was considered one of the top candidates, told Trump that he wanted to remain as Treasury Secretary.
“I love Scott [Bessent], but he wants to stay where he is,” Trump told the hosts of &#8220;Squawk Box.&#8221; “I asked him just last night, ‘Is this something you want?’ [Bessent said], &#8216;Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Trump said that both former Federal Reserve Board Governor Kevin Warsh and National Economic Council Director Kevin Hassett &#8220;are very good,&#8221; adding, &#8220;there are other people that are very good too.&#8221; Both Warsh and Hassett have recently criticized the Fed&#8217;s refusal to lower interest rates. Warsh, who served as Fed governor from 2006 to 2011, was interviewed for the Fed Chair position in 2017 before Trump nominated Powell, Yahoo Finance <a href="https://finance.yahoo.com/news/trump-rules-out-bessent-as-next-fed-chair-says-may-name-powell-replacement-soon-132550942.html">reported</a>. Hassett&#8217;s ties to Trump include his current position as one of the president&#8217;s top economic advisers, as well as serving as an adviser in the first Trump administration.
The announcement of who will replace Powell could be coming &#8220;soon,&#8221; Trump said. He also commented on the <a href="https://www.dailywire.com/news/biden-appointed-fed-governor-resigns-as-trump-calls-for-interest-rate-cuts">resignation</a> of Biden-appointed Federal Reserve Board Governor Adriana Kugler last Friday, calling it a &#8220;pleasant surprise.&#8221;
Trump added that he will nominate a replacement for Kugler in the coming days. Asked if his pick to replace Kugler could also be his nominee for the Fed Chair, Trump said it was possible. Kugler will officially step down from her role on Friday.
While Trump didn&#8217;t name the other candidates in the running, multiple names have been floated in the media, including Fed Governors Christopher Waller and Michelle Bowman, who both dissented against the Fed&#8217;s decision last week to keep interest rates steady.
Waller and Bowman, who were both nominated by Trump to serve on the board, have been pushing for lower interest rates as Trump ramps up pressure on Powell. In their dissent, Waller and Bowman said that the central bank&#8217;s decision to keep interest rates between 4.25% and 4.50% <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">threatens</a> the economy.

Trump Narrows Fed Chair Shortlist To Four After Leading Contender Opts Out

Scott Bessent

Federal Reserve Governor Adriana Kugler announced her resignation on Friday, just two days after the Fed <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">voted</a> to keep interest rates steady for a fifth-straight meeting, further angering President Donald Trump.
Kugler, who was nominated by former President Joe Biden and joined the Board of Governors in September 2023, said that she will be taking a job as a professor at Georgetown University in the fall, CNBC <a href="https://www.cnbc.com/2025/08/01/federal-reserve-governor-kugler-part-of-the-committee-that-sets-interest-rates-is-resigning.html?taid=688d1693aafb050001834e57&amp;utm_campaign=trueanthem&amp;utm_content=main&amp;utm_medium=social&amp;utm_source=twitter">reported</a>. The Fed Governor did not say whether recent pressure on the central bank policymakers had played into her decision.
“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler wrote. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”
Kugler was supposed to serve on the board until the end of her term in January of 2026. Over the past few months, she has supported keeping interest rates steady, pointing to uncertainty surrounding Trump’s tariffs. Powell praised Kugler following her resignation, saying, “She brought impressive experience and academic insights to her work on the Board.”
Kugler’s resignation opens up the door for Trump to nominate another nominee for the board, where his two previous appointees, Christopher Waller and Michelle Bowman, have been <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">pushing</a> for interest rate cuts. Waller and Bowman dissented from the Fed’s decision to hold rates steady, arguing that delaying rate cuts could damage the U.S. economy.
The president is also a few months away from nominating a new Fed Chair to succeed Jerome Powell when his term ends in May 2026. Waller and Bowman are both viewed as potential picks to take over as Fed Chair.
Trump has repeatedly slammed Powell after the Fed voted again on Wednesday to keep interest rates in the 4.25% to 4.5% range. The president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">suggested</a> on Friday that if Powell “continues to refuse” to lower interest rates, the board “SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” The next meeting to discuss interest rates is scheduled for September 16-17, and Powell gave no indication that the central bank will be ready to lower rates when they meet again.
“We don’t do that in advance,” he said at a press conference on Wednesday. “We’ll be taking that information into consideration and all the other information we get as we make our decision.”
Trump said on Wednesday that he heard the Fed will lower interest rates at its next meeting.
“Right now, there’s no inflation. Everybody thought there would be,” Trump <a href="https://x.com/RapidResponse47/status/1950616453289230363?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1950616453289230363%7Ctwgr%5E6eb0b4d6abe93cef17c929b8d42f0c7e0c258623%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Ffederal-reserve-defies-trump-again-keeps-interest-rates-unchanged">said</a>. “All we have is billions of dollars of cash flowing into our country.”

Adriana Kugler

Biden-Appointed Fed Governor Resigns As Trump Calls For Interest Rate Cuts

Federal Reserve Board Governors Christopher Waller and Michelle Bowman, both appointed to the body by President Donald Trump, spoke out on Friday about their dissent to the Fed&#8217;s <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">decision</a> to keep interest rates steady, arguing that delaying rate cuts risks harming the U.S. economy.
In separate statements explaining their dissents, Waller and Bowman, both widely considered as potential successors to Fed Chair Jerome Powell when his term ends in May, advocated for &#8220;gradual cuts&#8221; to interest rates, saying that President Trump&#8217;s tariffs have had little impact on inflation so far, CNBC <a href="https://www.cnbc.com/2025/08/01/fed-governors-bowman-waller-explain-their-dissents-say-waiting-to-cut-rates-threatens-economy.html">reported</a>. Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, as Trump has blasted Powell and pushed the board to cut rates drastically. The Fed&#8217;s decision marked the first time since 1993 that multiple governors dissented. Waller and Bowman are the only governors currently on the board whom Trump appointed.
“There is nothing wrong about having different views about how to interpret incoming data and using different economic arguments to predict how tariffs will impact the economy,” wrote Waller. “But, I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve.”
Bowman, who serves as the Fed&#8217;s vice chair for bank supervision, added, “With tariff-related price increases likely representing a one-time effect, it is appropriate to look through temporarily elevated inflation readings. I see the risk that a delay in taking action could result in a deterioration in the labor market and a further slowing in economic growth.”
Waller said he supports cutting interest rates by as much as 1.5 percentage points, which would be much smaller than Trump&#8217;s push for a three percentage point cut. Waller and Bowman&#8217;s alignment with Trump&#8217;s policy preferences while dissenting from Powell has sparked speculation that they are positioning themselves for consideration for Fed Chair.
In a press conference on Wednesday, Powell acknowledged that inflation “has eased significantly from its highs in mid-2022,” but he added that it “remains somewhat elevated relative to our 2% longer-run goal.” The Fed Chair also pointed to continued unease over Trump&#8217;s tariffs, which he said “are pushing up prices in some categories of goods.”
In the two days following the Fed&#8217;s decision, Trump has taken to Truth Social to <a href="https://www.dailywire.com/news/trump-unloads-on-fed-chair-jerome-powell-too-angry-too-stupid-too-political">blast</a> Powell multiple times. His most recent criticism of the Fed Chair came on Friday morning in two separate social media posts.
&#8220;Jerome &#8216;Too Late&#8217; Powell, a stubborn MORON, must substantially lower interest rates, NOW,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">wrote</a>. &#8216;IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!&#8221;
In a follow-up post, the president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953595203270237">added</a>, &#8220;Too Little, Too Late. Jerome &#8216;Too Late&#8217; Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!&#8221;
Trump also commented on Waller&#8217;s and Bowman&#8217;s dissents, <a href="https://truthsocial.com/@realDonaldTrump/posts/114953428953267494">saying</a> that pushback &#8220;WILL ONLY GET STRONGER!&#8221;

Fed Chair Jerome Powell

Fed’s Delay On Rate Cuts Threatens U.S. Economy, Say Two Dissenting Governors Eyeing Top Job

President Donald Trump blasted Fed Chair Jerome Powell again on Thursday morning after the Federal Reserve Board of Governors <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Federal+Reserve+Defies+Trump+Again%2C+Keeps+Interest+Rates+Unchanged">voted</a> to keep interest rates steady for a fifth straight meeting.
Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114947541528857255">wrote</a> in a Truth Social post that Powell, whom he has nicknamed &#8220;Too Late,&#8221; is &#8220;TOO ANGRY, TOO STUPID, &amp; TOO POLITICAL, to have the job of Fed Chair.&#8221;
&#8220;He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!&#8221; he added. &#8220;Put another way, &#8216;Too Late&#8217; is a TOTAL LOSER, and our Country is paying the price!&#8221;
The Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, even as Trump continues to push them to cut the rates, citing lower levels of inflation. During a press conference, Powell pointed to unease over Trump&#8217;s tariffs, many of which are set to take effect on Friday, along with inflation remaining above the Fed&#8217;s target annualized rate of 2% as reasons for the Fed&#8217;s decision.
Powell said that Trump’s increased tariffs “are pushing up prices in some categories of goods.” He added that policymakers “have made no decision” about where they will land at the next Fed meeting in September. Two Republican-appointed Fed Governors, Christopher Waller and Michelle Bowman, <a href="https://www.usatoday.com/story/money/2025/07/30/federal-reserve-interest-rate-cuts-live-updates/85430906007/">dissented</a> and pushed for the Fed to cut interest rates, marking the first time since 1993 that multiple governors opposed a Fed decision. Both Waller and Bowman are being floated as potential candidates for Trump to tap as a replacement for Powell as Fed Chair when Powell&#8217;s term ends in May 2026.
While the president continues his attacks on Powell, he <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">said</a> last week that he is not planning on firing the Fed Chair, despite drafting a letter and getting approval from some House Republicans to take the unprecedented move.
“Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good,” Trump said. “We want to see lower interest rates. Our country deserves it. We’re making a lot of money. We’re doing great as a country. We have no inflation, record stock market, record business, record everything.”
Trump said on Wednesday, just moments before the Fed announcement was released, that he wasn&#8217;t expecting the policymakers to lower interest rates.
“I hear they’re going to do it in September, not today,&#8221; he added. &#8220;For what reason, nobody knows.&#8221;

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