Trump's Fiery Feud with Powell

In an extraordinary twist reminiscent of his reality TV days, President Donald Trump has taken to publicly criticizing Federal Reserve Chair Jerome Powell, making it clear he wants change at the top. In a recent post, Trump declared, "ANYBODY BUT 'TOO LATE,'" signaling his dissatisfaction with Powell, who he believes is dragging his feet on interest rate cuts.

The Battle of the Kevins Begins

Behind the scenes, a thrilling competition is brewing between two contenders for the Fed chair role: Kevin Warsh, a former Fed governor, and Kevin Hassett, Trump’s current economic advisor. It’s a real-life face-off that harkens back to the intense rivalries that Trump orchestrated on 'The Apprentice.'

Meet the Contenders: Warsh vs. Hassett

Kevin Warsh, who previously eyed the Fed chair role eight years ago, boasts a strong background in economics. However, Trump insiders are wary; Warsh isn't as politically aligned with the president and may balk at the drastic rate cuts Trump desires. Meanwhile, Kevin Hassett, initially uninterested, has shown newfound enthusiasm for the position, reportedly meeting with Trump multiple times this month.

Allegiances and Uncertainty

Both contenders have publicly echoed Trump’s criticisms of Powell. Hassett recently remarked that Powell is merely catering to Democratic senators like Elizabeth Warren, while Warsh has sided with Trump’s assessment of Powell’s economic strategies as misguided. Their words could be pivotal as they vie for Trump's favor.

A Return to 'The Apprentice'

In a familiar format, Trump is treating this selection process like an episode from his hit show, where contestants fought tooth and nail for his approval. As the tension simmers, it's a waiting game for Powell and the two Kevins. With every passing day, Trump’s expectations loom large: the new Fed chair must align closely with his economic agenda.

More Players in the Game

Adding another layer of intrigue, Treasury Secretary Scott Bessent, despite leading the search for the next chair, has also thrown his hat into the ring while ramping up his criticism of the current Fed. Bessent quipped on Fox News about some 'tariff derangement syndrome' at the Fed, intensifying the stakes as each player seeks to outshine the others in this high-stakes drama.

The Future of Federal Reserve Leadership