President Donald Trump offered a revealing hint Wednesday about who he has chosen to replace Jerome Powell as chairman of the Federal Reserve, dropping the comment during remarks at the World Economic Forum’s annual meeting and then joking that he may have given away more than he intended.
Speaking to a global audience in Davos, Trump outlined steps his administration is taking to push down interest rates, including directing government-backed institutions to purchase up to $200 billion in mortgage bonds. As he discussed those efforts, Trump said he would soon announce a new Federal Reserve chairman, adding that he believes the pick will do “a very good job.”
Moments later, the president appeared to realize that he had disclosed a key detail about the successor. “See, I gave away some of it — he,” Trump said, laughing. “I did give that away, so we have something, got something.”
Trump then elaborated on his thinking, saying the person he selected is highly respected and was among a strong group of candidates he interviewed. He stressed that every individual he considered was capable of doing an excellent job and said he believed any of them could have performed well in the role.
At the same time, Trump voiced frustration with what he described as a recurring pattern among Federal Reserve leaders. According to the president, candidates often say all the right things during the interview process, only to shift their approach once they are locked into the job’s lengthy term.
Trump complained that once Fed chairs take office, they are insulated by a six-year term and quickly become less responsive to his concerns. He described calling them to urge caution on interest rates, only to be brushed off. In Trump’s telling, those conversations often end with a polite refusal to engage, a change he attributed to the power and security that comes with the position.
He characterized that shift as disappointing and described it as a form of disloyalty, though he acknowledged that Fed officials believe they are doing what they think is right. Still, Trump made clear that he is deeply unhappy with the current leadership.
The president did not hold back when criticizing Jerome Powell, whom he has repeatedly attacked over interest rate policy. Trump referred to him derisively as “Too Late” Powell, accusing him of consistently acting behind the curve when it comes to interest rates. Trump said Powell has been slow to move when action was needed, with one notable exception.
According to Trump, Powell was suddenly decisive before the election, a move Trump suggested benefited the other political side. He contrasted that period with what he described as years of hesitation and delay, arguing that Powell’s leadership has hurt the economy and American borrowers.
Trump said his administration is now focused on installing a Fed chairman who will do what he believes is the right job for the country. He expressed hope that the new leader will not repeat the mistakes he attributes to Powell and will take a more proactive approach on interest rates.
While Trump stopped short of naming his choice, his comments narrowed the field and underscored his desire for a dramatic change at the central bank. By teasing the announcement in Davos, Trump signaled to markets and global leaders alike that a shift in Federal Reserve leadership is coming and that he intends to leave a clear imprint on monetary policy moving forward.
