The Trump team is studying whether to fire Powell and intends to have former Federal Reserve Governor Kevin Warsh take over

Zhitong
2025.04.19 02:43

On April 18 local time, Kevin Hassett, director of the White House National Economic Council, confirmed that President Trump and his team are exploring the possibility of firing Federal Reserve Chairman Jerome Powell. According to media reports, Trump intends to appoint former Federal Reserve Governor Kevin Warsh as the new chairman. Trump had considered nominating Warsh before appointing Powell in 2017. However, Warsh's background is quite controversial; as the son-in-law of an Estée Lauder heir, he has little formal economics background and has repeatedly misjudged the market and economy during the financial crisis. The Federal Reserve, as the world's most influential central bank, largely relies on the independence of its actions to maintain its credibility, free from political interference. Wall Street has warned that if Trump attempts to remove Powell, it could further exacerbate market turmoil. Goldman Sachs analysts stated that once the Federal Reserve loses its independence, the market will face extreme volatility

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