President Trump plans to name Kevin Warsh, the former Federal Reserve governor, replace Jerome Powell as Federal Reserve chair, The Post has learned.
After meeting on Thursday with Warsh, a former Fed governor and Stanford University professor, Trump later called Warsh and asked him if he would accept the position — and he did, sources tell The Post.
Rick Reider, a top executive at giant money manager BlackRock emerged as a top candidate in recent days. But Reider on Thursday was informed he would not get the appointment, people close to him say.
The other two top candidates — National Economic Council director Kevin Hassett and Fed Gov. Christopher Waller — have recently been given lower odds.
White House officials cautioned that Trump could change his mind at the last minute.
A press official had no immediate comment
After meeting with Warsh on Thursday, Trump told reporters that he planned to reveal his Fed chair pick on Friday morning. That was after saying earlier in the day he had planned to make the announcement next week.
“It’s going to be somebody…that’s known to everybody in the financial world,” Trump said late Thursday. “A lot of people think that this is somebody that could’ve been there a few years ago.”
Trump had considered Warsh for the job eight years ago before he selected Jerome Powell.
Warsh, 55, is considered a hawk on interest rates which will calm fears that he will cave to Fed independence. But Warsh, like Trump, also has been a staunch critic of Powell for printing money during the Biden years and thus stoking inflation.
The late Thursday move was unexpected and speaks to the unpredictability of Trump. Just a few weeks ago, National Economic Council chair Kevin Hassett was seen as the odds on favorite to replace Jerome Powell, whose term ends in May.
But following exclusive reporting by The Post that top CEOs were critical of Hassett as too much of a cheerleader for MAGA economics and thus creating market instability, Trump began looking at other possible candidates.
After tapping Powell for the job early in his first term, Trump during the past year has increasingly attacked Powell and the Fed more broadly, arguing it should cut interest rates aggressively, even as inflation remains well above the 2% target.
On Wednesday, Powell dodged questions about his future at the central bank and a criminal probe launched by the Trump administration. But Powell did offer some candid advice to whoever next fills his shoes.
“Stay out of elected politics, don’t get pulled into elected politics. Don’t do it,” Powell said at his regular press conference following the latest Fed monetary policy meeting.
