Trump says he will make Fed chair decision in the next 2 to 3 weeks

Finance


An announcement on who will lead Federal Reserve in 2018 and beyond could come in the next few weeks, President Donald Trump said Friday.

The announcement comes amid reports that the president has interviewed former Fed Governor Kevin Warsh and current Governor Jerome “Jay” Powell in recent days.

“We’ve had four meetings for Fed chairman, and I’ll be making a decision over the next two or three weeks,” Trump told reporters at an impromptu afternoon question-and-answer session.

Current Chair Janet Yellen will see her term expire in February and has been circumspect about her future. She said last week that she has met with Trump only once since he has taken office and is committed to focusing on the job at hand and not her future.

Trump was critical of Yellen during the 2016 presidential campaign, accusing her of keeping interest rates low to prop up the economy under former President Barack Obama. But he’s softened his stance since, saying he respects Yellen while professing a commitment to keeping the U.S. dollar and interest rates low.

Since the election, the Fed has hiked its benchmark rate three times but held off on another rate hike at the September meeting.

However, the Fed did announce following the two-day Federal Open Market Committee meeting that it will begin in October the process of cutting its $4.5 trillion balance sheet. The next Fed chair will oversee that process as well as the continuing effort to oversee the banking system.

This story is developing. Please check back for further updates.


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