President Donald Trump said he will announce a new Federal Reserve governor and name a replacement for the head of the Bureau of Labor Statistics within the next few days, potentially giving the White House greater sway over both monetary policy and the production of official economic data. The BLS post opened after Trump abruptly dismissed Commissioner Erika McEntarfer on Friday, hours after a July jobs report showed payroll growth of 73,000 and downward revisions that removed a net 258,000 jobs from the preceding two months. Administration officials argued that new leadership is needed to increase “transparency,” while former commissioners and economists warned the firing threatens the credibility of U.S. statistics. At the Fed, Governor Adriana Kugler will depart at the end of the week, creating a vacancy on the seven-member board. Trump, who has repeatedly pressed the central bank to cut interest rates, said he intends to choose a nominee supportive of a more accommodative stance and could unveil the pick this week. Trump also signaled he is weighing a broader shake-up at the central bank. In a CNBC interview he called Chair Jerome Powell “highly political,” revealed that Treasury Secretary Scott Bessent had removed himself from consideration, and said his shortlist to replace Powell now stands at four names. He singled out former Governor Kevin Warsh and National Economic Council Director Kevin Hassett, saying “both Kevins are very good,” and suggested a decision on the chairmanship could come “fairly soon.”
🇺🇸 PRESIDENT TRUMP SAYS US TREASURY SECRETARY BESSENT HAS DECLINED CONSIDERATION TO BE THE NEXT FED CHAIR. https://t.co/UMQA1Kd72o
Trump says Treasury Secretary Bessent 'does not want' to be Fed chair, but 4 others in running https://t.co/WJ2t72dczw
FED CHAIR WATCH: TRUMP MAY ANNOUNCE SOON Trump says he "might announce Fed Chair fairly soon", while confirming that Bessent declined consideration for the role. 📈 Market odds on Kalshi show Kevin Warsh leading at 41%, followed by Kevin Hassett at 32%, and Christopher Waller https://t.co/780GGtrdFr