END THE FED (CHAIRMAN): Trump says he has ‘3 or 4′ picks in mind to replace Fed’s Powell.

“I know within three or four people who I’m going to pick,” Trump said during a press conference at the Hague following a NATO summit. “I mean he goes out pretty soon, fortunately, because I think he’s terrible.”

Trump did not elaborate on potential picks to replace Powell, whose term as Fed chair ends in May 2026. He appointed Powell to the post during his first administration.
The Supreme Court last month said the relationship between the president and the Fed is different from that of other independent agencies, signaling that Powell is safe from an attempted removal by Trump.

The president considered firing the Fed chief in his first term but backed off after an adverse market reaction. This time around, Trump has repeatedly called on the Fed to cut borrowing costs but has said he has “no intention” of firing Powell before his term ends.

The markets might react differently this time, with rates much higher than they were during Trump 45.