U.S. Markets open in 5 hrs 47 mins

Trump considered replacing Fed chair with Kevin Warsh: report

Rachel Koning Beals

President Trump, toward the end of last year, briefly mused whether he could replace Federal Reserve Chairman Jerome Powell with Kevin Warsh, Axios reported early Wednesday, citing two unnamed sources who said they had talked with Trump about the matter. Warsh, a former Fed governor and aide to President George W. Bush, has been on Trump's short list for the Fed's top spot at the outset, but the president was persuaded to go with Powell by Treasury Secretary Steven Mnuchin. The Wall Street Journal separately reported that Trump blasted Powell at three meetings last week, charging that without the Fed's interest-rate increases, economic growth and stock performance would be stronger and the U.S. budget deficit would be rising less, according to the report. "I guess I'm stuck with you," Trump recalled telling Powell during a phone call, the report said.