Trump expected to announce Kevin Warsh as Fed chair

President Trump is set to announce his choice to replace Jerome H. Powell as chair of the Federal Reserve on Friday and is expected to select Kevin M. Warsh, a former Fed official, according to multiple people familiar with his plans, the report says. Mr. Warsh served as a Federal Reserve governor from 2006 to 2011, has deep ties to Wall Street and currently works with investor Stanley Druckenmiller, the article says.

He has supported lower interest rates and has called for "regime change" at the Fed. Mr. Trump met with Mr. Warsh at the White House on Thursday and said he would soon announce someone who is "known to everybody in the financial world." The president has said he would pick a Fed chair who supported cutting rates and has called for rates to be slashed to 1 percent; interest rates currently stand at 3.5 percent to 3.75 percent, the report notes.

Friday’s announcement will cap an extensive search led by Treasury Secretary Scott Bessent, who is said to have considered more than 10 candidates, the report says. Finalists included White House economic adviser Kevin A. Hassett, Fed governor Christopher J. Waller and BlackRock executive Rick Rieder.

The search unfolded amid tensions between the White House and Mr. Powell. The Justice Department opened a criminal investigation into Mr. Powell and sent grand jury subpoenas, prompting Mr. Powell to call out the administration in a video for trying to use legal threats as "pretexts" to coerce the Fed, the article says.

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