Core Viewpoint - President Trump is narrowing down candidates for the next Federal Reserve Chair, indicating a potential early announcement before Powell's term ends, expressing dissatisfaction with Powell's performance [1][3]. Candidate Overview - **Kevin Warsh**: A former Fed governor and advisor to President Bush, seen as a leading candidate. Warsh has a hawkish stance, prioritizing inflation concerns over employment. He has previously discussed the possibility of being nominated by Trump [4][5]. - **Scott Bessent**: The current Treasury Secretary, favored by Wall Street for his capabilities during policy implementation. Although he aims to complete his term, he has expressed interest in potentially becoming Fed Chair [6]. - **Christopher Waller**: A current Fed governor, considered a dark horse candidate. He has gained attention for advocating immediate interest rate cuts, indicating that the successor issue is influencing Fed policy discussions [7][8][9]. Powell's Position - Jerome Powell has reiterated his commitment to fulfilling his term, emphasizing the importance of maintaining a strong U.S. economy and controlled inflation. He has declined to comment on successor rumors, asserting that political factors will not influence Fed decisions [10][11].

Group 1 - The article discusses the changing relationship between President Trump and Federal Reserve Chairman Jerome Powell, highlighting Trump's fluctuating stance on Powell's leadership [1][4] - Historical context is provided, noting that Powell is not the first Fed chair to face presidential pressure, with examples from past chairs like Burns and Volcker [1][4] - The article outlines the process for appointing a new Fed chair, emphasizing that Trump can only nominate from current Board members or wait for a vacancy [1][2][4] Group 2 - The current Federal Reserve Board consists of seven members, each serving a 14-year term, with Powell's term as a member lasting until 2028 [2][3] - The article identifies three potential candidates for the next Fed chair, with Kevin Warsh being the most favored due to his past connections with Trump and experience in both government and finance [4][6][9] - Michelle Bowman is presented as a strong candidate, having been directly nominated by Trump and holding significant experience in bank regulation [11][12] Group 3 - Judy Shelton is mentioned as a surprising candidate, known for her controversial economic views, including advocating for a return to the gold standard [13][15] - Shelton's previous nomination to the Fed was blocked, but her recent comments suggest a shift in her stance regarding the Fed's independence [15][16] - The article concludes by noting that regardless of who is appointed, the focus should remain on the health of the economy and the stability of the financial system [18]