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The soon-to-be 47th president of the United States, Donald John Trump, is already mapping out his economic dream team, and Federal Reserve Chair Jerome Powell is not part of it. Trump is reportedly looking to replace Powell when his term ends in 2026, and the name at the top of his list is Kevin Warsh. Warsh is a former Fed governor and Wall Street heavyweight, and he met with Trump this week at Mar-a-Lago. According to insiders, the plan would position Warsh as Treasury Secretary first, then move him into the Fed’s top spot. The arrangement isn’t final, but Warsh is one of the leading contenders. Other names being considered for high-level economic roles include Marc Rowan, CEO of Apollo Global Management, and hedge fund manager Scott Bessent. One scenario involves Bessent running the National Economic Council before taking over as Treasury Secretary, leaving Warsh free to step into Powell’s shoes at the Fed. “President-Elect Trump is making decisions on who will serve in his second administration,” said Karoline Leavitt, a spokeswoman for Trump’s transition team. “Those decisions will continue to be announced by him when they are made.” Trump vs. Powell: The history and the stakes Trump and Powell have a complicated history. Back in 2018, he nominated Powell to lead the Fed, but it didn’t take long for their relationship to implode. Trump wanted aggressive rate cuts to stimulate growth, but Powell refused to play along. The clashes became public, with Trump calling out Powell repeatedly on Twitter and in speeches. Powell, in turn, stuck to his guns, emphasizing the Fed’s independence. Now, Trump is coming back with a vengeance. He has big plans for the economy, including tax cuts, massive infrastructure spending, and an even tougher stance on trade tariffs. These are likely to ignite inflation, and…

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Filed under: News - @ November 23, 2024 11:20 am