
BREAKING: President Donald Trump has just announced plans to name a new Federal Reserve governor and a commissioner for the Bureau of Labor Statistics within the next few days, a significant move that Wall Street is watching closely.
Trump’s statement, made to reporters on October 1, 2023, follows the sudden resignation of Federal Reserve Governor Adriana Kugler on September 29. Kugler, whose term was set to conclude in January 2026, reportedly left due to disagreements over interest rates with the current administration.
“She left early, and I think she left because she agreed with me on interest rates,” Trump said, underscoring his intent to reshape the Federal Reserve’s leadership. This announcement comes at a time when Trump has been vocal about his desire to have more influence over monetary policy, particularly in light of his ongoing tensions with Federal Reserve Chair Jerome Powell.
In addition, Trump confirmed he will appoint a new BLS commissioner “over the next three or four days,” following the dismissal of Erika McEntarfer. McEntarfer was let go after the BLS released disappointing job figures, which included downward revisions of 125,000 jobs for May and 133,000 for June.
“We had no confidence. The numbers were ridiculous,” Trump stated regarding the job report. He further criticized the previous administration’s handling of job data, calling it a “scam.”
Trump’s upcoming appointments are critical as they will allow him to select individuals who align with his economic vision, potentially impacting interest rates and employment data moving forward. The Federal Reserve Board consists of seven members, three of whom were appointed during Trump’s first term, including Powell, Christopher Waller, and Michelle Bowman.
In response to Trump’s comments, Kevin Hassett, director of the National Economic Council, emphasized that these changes are aimed at ensuring more transparency and reliability in economic reporting. “The president wants his own people there so that when we see the numbers, they’re more transparent and more reliable,” Hassett noted.
The implications of these appointments could resonate throughout financial markets and impact economic policies as the administration navigates a complex economic landscape. Analysts are closely monitoring these developments, anticipating that Trump’s selections will reflect his administration’s priorities.
This situation is still developing, and the economic ramifications of Trump’s appointments may unfold rapidly. Stay tuned for updates as we follow this story closely.