President Donald Trump said Kevin Hassett and Kevin Warsh are his top choices to lead the Federal Reserve and he expects the next Fed chair to consult with him on interest rates.
In an interview with the Wall Street Journal on Friday, Trump said that former Federal Reserve governor Warsh had joined the list of candidates to challenge White House National Economic Council Chairman Hassett, whom many believe to be the Fed chairman. leader For work.
“I think both Kevins are great,” he said. “I think there are some other guys that are great.”
Trump has previously said he has made up his mind and said on Monday he had “a good idea” about who to nominate. The president also said last month he knew who would be chosen for the job. The latest reviews indicate that the selection process is still in flux.
Trump met with Warsh on Wednesday. It’s unclear whether Trump plans to interview other candidates for the position.
Earlier: Trump says he will meet with Warsh as Fed chief search nears conclusion
The president said Warsh told him borrowing costs should be lower.
Later, Trump said in the Oval Office that the next Fed chairman should consult with him on interest rates, a move that would subvert the Fed’s tradition of independence.
“I’ve been very successful and I think my role should be at least recommendation – they don’t have to follow what I say,” Trump told reporters, adding that he expected to make a choice “in the coming weeks.”
“I think my voice should be heard, but I’m not going to make a decision based on that,” he continued.
Trump began arguing for control of the Fed during his second term and often expressed frustration that the central bank did not move more aggressively to lower borrowing costs under Chairman Jerome Powell.
In an interview with the Wall Street Journal, Trump called for a significant reduction in interest rates, saying they should be “1 percent, maybe even lower.”
The Federal Reserve lowered its benchmark interest rate to a range of 3.5% to 3.75% on Wednesday, its third rate cut in as many meetings. Three central bank officials dissented from the decision, and the Federal Open Market Committee remained undecided on whether to cut rates further.