Category: Federal reserve
Trump picks ‘numbskull’ Powell’s replacement for Fed chair
President Donald Trump has officially selected Federal Reserve Chair Jerome Powell’s successor.
Trump nominated Kevin Warsh for the role, noting the financier’s extensive experience, including his former role as a governor on the board of the Federal Reserve. At the time of Warsh’s appointment to the board in 2006, he was 35, the youngest appointee to serve, Trump claimed.
This announcement comes after a longtime feud between ‘numbskull’ Powell and the president.
Warsh is set to replace Powell in May after Powell’s term officially ends.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump said in a Truth Social post Friday. “On top of everything else, he is ‘central casting,’ and he will never let you down.”
RELATED: Fed Chairman Jerome Powell fears criminal indictment as Trump-Fed confrontation intensifies
Tierney L. Cross/Bloomberg via Getty Images
This announcement comes after a longtime feud between “numbskull” Powell and the president, with Trump often criticizing Powell’s refusal to cut interest rates.
This conflict came to a fever pitch when Trump’s Department of Justice launched a criminal investigation into Powell over his testimony to the Senate Banking Committee in June 2025, when he discussed the ballooning cost of renovation to the Fed headquarters.
In a statement following the subpoena, Powell claimed the investigation was actually a political response to “whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — nor whether instead monetary policy will be directed by political pressure or intimidation.”
Photo by Kevin Dietsch/Getty Images
Trump was originally considering National Economic Council Director Kevin Hassett for the role, but later suggested he would pick someone else because he wanted to keep Hassett in his position.
“[There] was great speculation that highly respected Kevin Hassett was going to be named Chairman of the Fed, and a great Chairman he would have been but, quite honestly, he is doing such an outstanding job working with me and my team at the White House, that I just didn’t want to let him go,” Trump wrote in a Truth Social post.
“Kevin is indescribably good so, as the expression goes, ‘if you can’t do better, don’t try to fix it!’ Thank you Kevin for doing such a great job!”
Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!
Fed Chairman Jerome Powell fears criminal indictment as Trump-Fed confrontation intensifies
In the latest escalation between the Trump administration and the Federal Reserve, the Department of Justice has issued grand jury subpoenas against the Fed, according to Chairman Jerome Powell.
On Sunday, the official Federal Reserve X account posted a video of Powell explaining the subpoenas and claiming that the DOJ was “threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.”
‘The cost overruns are what they are.’
“That testimony concerned in part a multiyear project to renovate historic Federal Reserve office buildings,” Powell added.
In the video, Powell shows no sign of capitulating to President Trump’s calls to lower interest rates, dismissing these calls as merely the “preferences of the president”: “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.”
Photo by Chip Somodevilla/Getty Images
“I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment,” Powell said. “Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.”
Powell said that the subpoenas were served last Friday.
During his testimony in June, Powell was asked about the cost of the renovations around the 36-minute mark of the hearing. He began by saying, “We do take seriously our responsibility as stewards of the public’s money,” but concluded, “The cost overruns are what they are.”
He also denied several of what he said were media inaccuracies, including reports of “special elevators,” new marble, “roof terrace gardens,” and “beehives.”
In a rare confrontation with Powell, President Trump, wearing a hard hat, visited the construction site in late July to challenge him on the “overruns.” Powell said he was “unaware” of the new numbers Trump presented to him.
Days before the July confrontation between Powell and Trump, Rep. Anna Paulina Luna (R-Fla.) sent a criminal referral for Powell to the Department of Justice.
On Sunday evening, Luna responded to the news of the grand jury subpoenas, repeating her allegations against Powell: “It’s good to see my criminal referral working in real time. You CANNOT lie to Congress. That is called PERJURY.”
No criminal charges have been brought against Powell at the time of writing.
The Department of Justice did not respond to a request for comment from Blaze News.
Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!
Trump’s Economy Grows 4.3 Percent, Dashing Economists’ Lower Expectations
The U.S. economy grew this summer at a surprisingly strong 4.3 percent annual rate in the third quarter, the most…
‘My new Fed Chairman’: Trump hints at major changes coming to Federal Reserve amid great economic report
On the strength of a very positive economic report from the Bureau of Economic Analysis, President Trump announced on Truth Social his future plans for the economy — and these plans may not include the current chairman of the Federal Reserve.
On Tuesday morning, Trump introduced and explained “the Trump Rule” when it comes to the economy.
‘Anybody that disagrees with me will never be the Fed Chairman!’
Trump started his post by explaining how markets have changed in response to good financial news, like the news received Tuesday. Rather than rallying as they have in the past, markets go down, he explained, in anticipation of interest rates increasing to offset “potential” inflation.
Trump continued, “That means that, essentially, we can never have a Great Market again, those Markets from the time when our Nation was building up, and becoming great. Strong Markets, even phenomenal Markets, don’t cause Inflation, stupidity does!”
RELATED: Market soars after Fed finally cuts interest rate
Photo by Tasos Katopodis/Getty Images
Trump then hinted at a possible development coming to the Fed leadership: “I want my new Fed Chairman to lower Interest Rates if the Market is doing well, not destroy the Market for no reason whatsoever.”
Trump stated that he will no longer tolerate obstructionists making economic greatness impossible: “A Nation can never be Economically GREAT if ‘eggheads’ are allowed to do everything within their power to destroy the upward slope.”
He added that America will “see numbers that are far more natural, and far better, than they have ever been before.”
“Anybody that disagrees with me will never be the Fed Chairman!” Trump concluded.
The delayed economic report states that “Real gross domestic product (GDP) increased at an annual rate of 4.3 percent in the third quarter of 2025 (July, August, and September), according to the initial estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent.”
Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!
