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Trump's major statement: Walsh becomes the top candidate for Federal Reserve Chairman, Hassett also praised
On the 12th local time, U.S. President Trump revealed in an exclusive interview with The Wall Street Journal that former Federal Reserve Governor Kevin Walsh has become the preferred candidate for the next Federal Reserve Chairman. He stated that Walsh is "at the top of the list," and White House National Economic Council Director Kevin Hassett is also "very outstanding," with both being ideal candidates.
Trump clearly expressed a desire for the federal funds rate to drop to "1% or even lower" in a year to alleviate the financing pressure of high U.S. national debt. He also emphasized that the next Federal Reserve Chairman should "listen to my opinions" when setting interest rates, though not necessarily to follow them completely, but there needs to be communication.
Currently a visiting scholar at Stanford University, Walsh served as a Federal Reserve Governor from 2006 to 2011. In 2017, he participated in the race for Chairman, but ultimately Trump chose Powell. After returning to the White House this January, Trump has repeatedly criticized the Federal Reserve for slow rate cuts and has even threatened to dismiss Powell.
Powell's term will end in May next year. Despite ongoing political pressure, he insists on completing his term and reiterates that the independence of Federal Reserve decision-making cannot be compromised. The President can nominate a new Federal Reserve Chairman, but it must be approved by the Senate, and personnel games have quietly intensified.
