Trump says he'll expect next Fed chair to cut rates

Catch up quick: Trump has been on an increasingly angry mission to push current Fed chair Jerome Powell to cut rates, which the central bank hasn't done since Trump took office.

• While the Fed has indicated rate cuts are likely later this year, that's not been fast enough or deep enough for Trump.

What they're saying: "If I think somebody's going to keep the rates where they are, or whatever, I'm not going to put them in. I'm going to put somebody that wants to cut rates," Trump told reporters in the Oval Office Friday afternoon.

The intrigue: Administration officials have hinted they could move to name a new chair well before Powell's term expires in May 2026, in order to raise pressure on him and the Fed.

• Treasury Secretary Scott Bessent told CNBC on Friday that it was possible someone could be nominated as soon as October.
• Bessent himself has been floated as a possible replacement for Powell. He told CNBC he'll "do what the president wants."