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The Wall Street Publication > Blog > Economy > Greenback slides to 3-year low on report Trump plans to call subsequent Fed chair early
Economy

Greenback slides to 3-year low on report Trump plans to call subsequent Fed chair early

Editorial Board Published July 7, 2025
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Greenback slides to 3-year low on report Trump plans to call subsequent Fed chair early
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The Carlyle Group co-founder and co-chairman David Rubenstein discusses President Donald Trump’s remedy of Fed Chair Jerome Powell on ‘The Claman Countdown.’

The U.S. greenback sank to its lowest degree in three years on Thursday following a report that President Donald Trump is planning to choose his nominee to function the subsequent chair of the Federal Reserve early.

The Wall Road Journal’s U.S. Greenback Index – which measures the greenback’s power relative to a basket of 16 foreign currency – dipped to a low of 97.01 on Thursday morning earlier than paring a few of that decline to 97.07.

The greenback’s decline comes within the wake of a report by the Journal on Wednesday that urged Trump is contemplating asserting his choose to succeed Fed Chair Jerome Powell, whose time period as chair ends subsequent 12 months.

Trump has repeatedly criticized Powell and the Fed for not slicing rates of interest, whereas additionally slinging insults, calling him a “numbskull” together with the derisive nickname “Mr. Too Late.” At this week’s NATO summit, Trump stated throughout a press convention that Powell is “terrible” and is a “very average mentally person” who has “low IQ for what he does.”

“Generally, the markets want an independence of the Fed,” stated Carlyle Group co-founder David Rubenstein throughout an interview Thursday on “The Claman Countdown” when requested why the president’s feedback have an effect on the greenback. “The Fed independence since the Fed was created… has been a very important bulwark of our economic system. So, to the extent that the Fed is not seen as independent, it hurts the dollar and therefore the dollar goes down.”

TRUMP SLAMS FED CHAIR POWELL FOR NOT CUTTING RATES: ‘AVERAGE MENTALLY PERSON’

President Trump is reportedly contemplating making an early announcement of his successor to Fed Chair Jerome Powell. (Getty Pictures/Picture illustration / Getty Pictures)

Federal Reserve policymakers have cited financial uncertainty stemming from commerce coverage and potential inflation from tariffs as one of many fundamental causes for leaving the benchmark federal funds price at a variety of 4.25% to 4.5%, the place it has been because the Fed’s final reduce in December.

The Fed held charges fixed for its fourth consecutive assembly final week, and is scheduled to carry its subsequent assembly in late July.

The president is contemplating naming Powell’s successor by September or October, in keeping with the Journal’s report, which cited folks accustomed to the matter – a few of whom urged to the outlet an announcement might happen this summer time.

TRUMP EYES CABINET MEMBER TO REPLACE ‘MR TOO LATE’ POWELL AT THE FED: REPORT

Trump looks while Jerome Powell speaks

Trump nominated Powell as Fed chair in 2017, however has repeatedly criticized him within the years since and stated he would not reappoint him. ( SAUL LOEB/AFP by way of Getty Pictures / Getty Pictures)

Among the many main contenders Trump is contemplating for the position are former Fed governor Kevin Warsh and Nationwide Financial Council Director Kevin Hassett, whereas different potentialities embrace Treasury Secretary Scott Bessent, former World Financial institution President David Malpass and Fed governor Christopher Waller, the Journal reported.

If Trump had been to announce the nominee this 12 months, it will give the presumptive future Fed chair extra of a possibility to sign how they’d method financial coverage selections previous to the tip of Powell’s time period, the report famous.

WHO COULD REPLACE FED CHAIR POWELL? THESE ARE THE TOP CONTENDERS

Trump and Bessent during a meeting with the Norway prime minister, not seen

President Donald Trump is reportedly contemplating naming his Fed chair nominee early, with Treasury Secretary Scott Bessent amongst potential contenders. (SAUL LOEB/AFP by way of Getty Pictures / Getty Pictures)

Nevertheless, financial coverage selections are made by the board’s voting members as a gaggle and never solely by the chair, so it is unclear the extent to which a quasi-shadow Fed chair would be capable to affect these strikes.

Powell’s time period as Fed chair is because of expire in mid-Could 2026, although he might select to proceed to function a member of the Fed’s board of governors as soon as his chairmanship ends. 

His time period as a member of the Fed’s board of governors is scheduled to conclude on the finish of January 2028.

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He has declined to say whether or not he’ll stay on the Fed after his time period as chair concludes, saying at a latest press convention that his solely focus is on dealing with financial coverage strikes within the close to time period.

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