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Kevin Warsh Favorite As Donald Trump Says He Will Announce Next Fed Chair Soon

Kevin Warsh has emerged as the favorite to replace Fed Chair Jerome Powell, with Donald Trump saying he will announce a decision soon.
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Kevin Warsh Favorite As Donald Trump Says He Will Announce Next Fed Chair Soon

Highlights

  • Polymarket data shows that there is a 24% chance that Kevin Warsh could replace Powell if Trump announces the next Fed Chair this year.
  • The president stated that a decision on the next Fed Chair is coming out very soon.
  • He also remarked that Warsh is very highly thought of.
  • This comes as Trump criticized Powell as being a disaster and asked that the Fed cuts rates by a full point.

Former member of the Federal Reserve Board of Governors, Kevin Warsh, has emerged as a likely successor to Fed Chair Jerome Powell. This comes as US President Donald Trump has revealed that he plans to announce the next Chair soon.

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Warsh Favorite To Replace Powell As Donald Trump Announces a Decision Soon

Polymarket data shows that Kevin Warsh is the favorite to replace Jerome Powell if the president were to announce the next Fed Chair soon. Warsh currently has a 24% chance of getting the nod if an announcement comes this year. However, traders bet that there is a 52% chance of no announcement this year.

This is contrary to a Reuters report, which revealed that Donald Trump plans to announce a decision on the next Fed Chair soon. When asked when he would decide on the next Chair, the president replied, “It’s coming out very soon.”

He also remarked that Warsh is very highly thought of when asked if the former Fed Governor could replace Powell. It is worth mentioning that Powell’s term as the Fed Chair doesn’t end until May 2026.

As such, there remains the possibility that Trump doesn’t make an announcement anytime soon. As CoinGape reported, a recent Supreme Court ruling indicated that the US president cannot fire the Fed Chair. The justices opined that the relationship between the executive and the Federal Reserve is different from that of other independent agencies.

Donald Trump’s statement about announcing a decision about the next Fed Chair soon follows his latest push for a Fed rate cut. As CoinGape reported, the president called for a 100 bps rate cut ahead of the June FOMC meeting on June 17 and 18.

CME FedWatch data shows that the Fed is unlikely to cut rates at the June meeting. However, Trump believes a good Fed Chair would lower rates, which is why he labelled Powell as a “disaster,” one that is costing the country a fortune.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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