“No decisions are imminent, although the president has the right to change his mind,“ a White House official told AFP.
Powell’s term as chief of the independent central bank ends in May 2026, and the choice of his successor by this summer or fall would be sooner than usual.
His discontent with Powell could also nudge him towards an earlier announcement this summer, the Journal said.
The dollar ceded ground after the report, losing 0.7 percent against the euro Thursday.
Trump’s potential choices include former Fed governor Kevin Warsh, National Economic Council director Kevin Hassett and Treasury Secretary Scott Bessent, the Journal reported.
Trump has repeatedly expressed frustration with Powell’s cautious approach to lowering interest rates, citing benign inflation data.
Powell, however, maintains that the Fed can wait to learn more about how the economy is impacted by Trump’s tariffs before adjusting policy.
But officials have different views on when they should reduce rates further, with two Fed policymakers signaling since the meeting that they are open to cuts as soon as next month.
“We’re only going to have really one more month of data before the July meeting,“ she said, adding that she expects to need more information.
“Monetary policy is well positioned to allow us to wait and see how economic conditions unfold,“ he added.
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