Jerome Powell’s cautious rate policy sparks fierce criticism and succession talks, putting his Fed Chair tenure under unprecedented scrutiny.

President Trump plans to name a successor to Jerome Powell, who ends his term as Fed chair in May 2026. Two contenders have emerged as the next US Fed chief after Powell.

US President Donald Trump has demanded that Federal Reserve Chairman Jerome Powell “resign immediately”. Mr Trump appointed Mr Powell, who leads America’s equivalent of our Reserve Bank, during his first term, but has since soured on him. He’s repeatedly expressed frustration at the Federal Reserve for not cutting interest rates.