US President Donald Trump has announced that an expected announcement regarding a change in leadership at the Federal Reserve will be made “early next year.”
President Trump also said that Treasury Secretary Scott Bessent still refuses to accept this position.
In his assessment of economic and monetary policy, President Trump claimed that inflation has been declining rapidly and has “reached near perfect levels.” “We’ve been stopping inflation since January last year. There’s still work to do, but we’re at a very good level at the moment. It’s going to come down a little bit more. We need some inflation, otherwise we’ll have deflation. Deflation can be worse than inflation,” he said.
President Trump harshly criticized the current Fed chairman in another part of his speech. Mortgage rates need to be lowered, he said, adding, “The Fed has an incompetent chairman. He’s the one who should cut rates. Even Jamie Dimon called for a rate cut. I wonder why he did it, but he’s right. But we have a bigoted guy who probably doesn’t like your president, your favorite president.”
President Trump said he was close to announcing the name of the new Fed chairman. “We’ll probably announce the new chairman early next year. I’ve talked to Mr. Scott, and he doesn’t want the job.”
*This is not investment advice.