White House Says Powell Successor Nomination Not Imminent
Dollar Value Drops 0.7%
on Reports of Trump Nominating Powell's Successor Early
As reports surfaced that U.S. President Donald Trump would nominate a successor to Jerome Powell, Chair of the Federal Reserve (Fed), earlier than expected, the dollar weakened. However, the White House stated on June 26 (local time) that a decision on Powell's successor is not imminent.
The Financial Times (FT) reported that the White House said, "The President reserves the right to change his mind, but a decision on the Fed Chair nomination is not imminent," adding, "The President has many good options for the next Fed Chair."
Previously, the Wall Street Journal (WSJ), citing multiple anonymous sources, reported that President Trump could announce Powell's successor as early as September or October. The report also mentioned the possibility of an announcement this summer.
Following the WSJ report, the dollar index?which measures the value of the dollar against the currencies of six major countries, including the yen and the euro?fell as much as 0.7% from the previous session.
This marks the lowest level in over three years, since early March 2022. The value of the dollar has dropped by about 10% so far this year, as concerns over the U.S. fiscal deficit and tariff policies have overlapped.
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Powell's term as Chair is set to expire in May of next year, leaving 11 months remaining. Leading candidates to succeed him include former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, Treasury Secretary Scott Besant, and Fed Governor Christopher Waller.
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