Federal Reserve Banker Bullard expresses strong support for Powell's replacement candidate
The Trump administration is currently engaged in talks with a number of candidates for the successor to Federal Reserve Chair Jerome Powell. Among the contenders are former Federal Reserve officials, such as James Bullard, and individuals proposed by U.S. Treasury Secretary Steven Mnuchin.
Mnuchin is reported to present three or four candidates to President Trump, with Bullard being one of them. Bullard, currently the dean of the Mitch Daniels School of Business at Purdue University, has expressed interest in the top job at the U.S. central bank.
In recent days, discussions about the Fed chairmanship and other topics have taken place between Bullard and U.S. Treasury Secretary Janet Yellen and her team.
Jerome Powell's term as Fed Chair is set to end in May 2026, and speculation about his successor has been mounting. Trump has repeatedly criticized Powell for not cutting U.S. interest rates more significantly.
Most observers expect the central bank to cut rates by at least a small 25 basis point step in the upcoming meeting, which is scheduled this week. Bullard, who headed the St. Louis Fed from 2008 to 2023, may bring a wealth of experience to the position if selected.
The appointment of a new Fed Chair could have significant implications for the U.S. economy, and the decision is closely watched by investors and economists alike. The Trump administration's choice for Powell's successor is expected to be announced in the coming weeks.
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